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Old April 23rd, 2014, 04:08 PM   #3861
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Confidence is great but don't forget who we are dealing with. An arrogant and incompetent central planning government branch. Private market solutions and a common sense approach are unknown elements in government bureaucracies where power over the people rules, not what's best for the people - or what's best for the people's money.
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Old April 23rd, 2014, 05:13 PM   #3862
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Perhaps the the scaffolding and such being placed on the tower is preparation just in case the tower does get the go ahead; then the tower will be able to start rising asap

It is not a confirmation of any as of yet
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Old April 23rd, 2014, 06:25 PM   #3863
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The Tower MUST go up! They will never get out of this site like they want to as long as Tower 3 is a stub...Westfield has stated several times they WILL NOT rent retail to tenants until the Tower is up so the PA would lose money there as well. Get on it with it PA! Vote yes!
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Old April 23rd, 2014, 06:32 PM   #3864
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Why 3 World Trade Center must rise high
http://nypost.com/2014/04/22/why-3-w...ust-rise-high/

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If the besieged Port Authority is to get out of the real-estate business to concentrate on its “core” transportation mission, the worst way to do it is to stop 3 World Trade Center in its tracks.

Killing 3 WTC would not only deprive the agency of $500 million in desperately needed short-term revenue from developer Larry Silverstein, but drastically reduce the future value of the PA’s $7.7 billion investment in the entire WTC site.

A fully or mostly built WTC can be a cash cow for the PA. But a half-finished one is a worse albatross around its neck than the blood-sucking, $4 billion-plus PATH terminal.

Leaving 3 WTC in its current unsightly state would make it near-impossible for the PA to sell the land under Silverstein’s sites in the future — a potential windfall for the agency — and also drag down the value of 1 WTC, in which the PA owns the majority stake.

Silverstein wants the PA to guarantee a $1.2 billion construction loan. The PA board is to vote on it Wednesday.

But why — given the agency’s fiscal and political woes — should the Port Authority risk a Silverstein default?

Because, thanks to an iron-clad foreclosure provision, default would let the PA swiftly take back Silverstein’s $2.4 billion tower for half price (because Silverstein will have put in $450 million and the disproportionately expensive lower portion is already built). The PA could then sell it for a huge profit in an age when Manhattan land and development rights have never been so dear.

“Getting out of real estate” isn’t as easy as simply leaving Silverstein in the lurch. After the PA sold him a 99-year lease in early 2001, the complexities that followed 9/11 forced the agency and the developer into a tormented, inescapable partnership.

The PA can, and should, make a lot of money off of it — money that can and should be used to help pay for airports, tunnels, bus terminal improvements, PATH trains and port facilities.

But if certain PA execs were motivated by real-world economics — rather than by politics, publicity or expediency — they’d suggest more rational and lucrative steps than leaving 3 WTC an unfinished eyesore.

The PA could, for example, sell its 80 percent stake in 1 World Trade Center to its very able 20 percent partner, the Durst Organization. Or it could offer it for sale on the open market once it’s fully leased, as it likely will be within a year.

Yet no one on the PA board is known to have suggested the idea.

Or, down the line, the PA can sell the land beneath Silverstein’s three tower sites — worth $25 billion in rent through the year 2100. The PA could sell the ground lease for a lump sum or a series of large payments — but it won’t find many takers if 3 WTC remains a useless, 7-story stump.

What about the short-term benefit of guaranteeing Silverstein’s loan?

The $500 million the PA stands to receive includes some funds too complex to discuss here, but most of them are easy enough to grasp: Once 3 WTC opens, Silverstein must pay the agency much higher rent — $25 million a year vs. $5 million now. Plus, the PA will collect $131 million from retail operator Westfield when the tower is completed.

The PA can kiss the half-billion bucks goodbye if it scuttles 3 WTC today — and only digs itself deeper into a hole.
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Old April 23rd, 2014, 07:49 PM   #3865
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The story above from the NY Post highlights the fact that most people probably don't realize. All the PA will do if they approve the measure is back the bonds, they really won't give any money to Silverstein. They are in effect cosigning his loans. When Tower 3 gets built they will start receiving huge income payments from Silverstein as lease payments. They should be doing everything possible to get WTC 3 and in reality WTC 2 build and filled with renters because their income will increase to pay for other projects!
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Old April 23rd, 2014, 08:44 PM   #3866
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This is a never ending saga. But again, proves my point that nobody wants blood on their hands cause they understand the importance of this tower getting built. Bet they're gonna find a way to save face by coming up with some kind of deal before the final vote.

Port Authority puts off vote on 3 WTC
http://www.crainsnewyork.com/article...-vote-on-3-wtc
Quote:
Locked in an unusually contentious and public debate about whether to commit more than $1 billion to back the construction of a soaring new office and retail tower at the World Trade Center site, the Port Authority of New York and New Jersey is expected Wednesday to postpone its vote on the project to May.
The delay would put off by another month a decision by the Port Authority whether to pledge $1.2 billion as a financial guarantee that would allow developer, Silverstein Properties, to raise the financing necessary to proceed with construction of the 53-story, 2.8 million-square-foot building known as 3 World Trade Center.
The question of whether to back the tower has created an unusual split between the Port Authority’s board of commissioners, which in the past has kept its decision making behind closed doors and then rubber stamped its conclusions in public.
In the case of the discussion about whether to pledge more money to guarantee the financing on 3 World Trade Center, board members at the Port Authority have openly debated the merits as well as the risks of the deal. Ironically, critics of the bistate agency have hailed news of that disagreement as evidence of a new transparency in the wake of the “Bridgegate” scandal.
Last year, it was revealed that Port Authority officials and at least one member of New Jersey Gov. Chris Christie’s staff, arranged for an illegal closure of access lanes at the George Washington Bridge as an act of political revenge. Since then there have been revelations showing that board members David Samson and Anthony Sartor, who both have since resigned, may have had conflicts of interest during their tenures at the Port Authority.
Scott Rechler, vice chairman of the Port Authority’s board of commissioners and a top official who has been instrumental in bringing reforms to the agency, has championed the tower deal. Mr. Rechler says that raising the Port’s financing guarantee from a current amount of $200 million to $1.2 billion would allow the agency to favorably restructure its deal with Silverstein Properties for the site. The Port Authority, for instance, would be able to collect rent much sooner than the current deal in place and would receive about $130 million for the tower’s retail space. Mr. Rechler has stressed that the financial guarantee would only result in the Port Authority actually having to spend that money if Silverstein Properties defaulted on the tower, an unlikely scenario Mr. Rechler said. He also notes that even if that did come to pass the Port Authority would end up owning the building at a huge 50% discount.
Ken Lipper, a Port Authority board member who was appointed last year, has disagreed with that position, stating that the Port Authority should reserve its money and financial capacity for transit oriented projects, such as a sweeping renovation of the dilapidated bus terminal on West 42nd Street. He told Crain’s Wednesday that he views the postponement as a way of “gently putting the $1.2 billion government guarantee proposal to eternal sleep.”
“Let the private sector carry out its appropriate role of allocating credit at fair price and time that is reflecting market risk … (and) we can return to our core transportation infrastructure mission, as Congress intended in forming us a century ago,” he insisted.
There has been debate at the Port Authority whether the financial guarantee would even encumber the Port Authority’s potential capital spending, because creditors at the World Trade Center site are subordinate to the authority’s debts on capital spending.
Sources say that the delayed vote will not derail a large tentative lease at 3 World Trade Center that Silverstein Properties has arranged with GroupM, a media firm. The company, which has pledged to take about 515,000 square feet of office space for its headquarters in the new tower, has committed to take that space, sources said, so long as the Port Authority approves the tower deal before July.
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Old April 23rd, 2014, 08:52 PM   #3867
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a delay is good in this case. It means they're still considering it rather than flat out denying it.
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Old April 23rd, 2014, 08:56 PM   #3868
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They have to decide soon though:

Quote:
The company, which has pledged to take about 515,000 square feet of office space for its headquarters in the new tower, has committed to take that space, sources said, so long as the Port Authority approves the tower deal before July.
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Old April 23rd, 2014, 09:09 PM   #3869
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There should be a demonstration in the streets.
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Old April 23rd, 2014, 09:37 PM   #3870
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Quote:
Originally Posted by ThatOneGuy View Post
There should be a demonstration in the streets.
I'll certainly demonstrate if this vote doesn't go through before July. Stalling is only hurting us.

For us to be at this stage in development over twelve years after 9/11 is a supreme embarrassment for New York City. The least the Port Authority could do is just approve this deal and move forward, which anyone with any foresight realizes is actually a sparkling investment and not a sacrifice for them.

As I said on WNY, The World Trade Center should have been redesigned and reconstructed as a single entity, like the original was, and not divided into parcels whose developments are subject to red tape, bickering, and market reluctance.
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Old April 23rd, 2014, 10:05 PM   #3871
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Wow... if this is not resolved by July, GorupM can be off the hook and free to look elsewhere. If I where GroupM, my alternative would be to the Hudson Yards and flip the big bird to downtown and the WTC site and say peace, I’m taking my biz elsewhere. I would love to see that. If the PA thinks they will fill up their towers in a site that will forever remain 50% complete, they are kidding themselves.

This whole PA saga of corruption and way of doing business doesn’t surprise me. The PA execs all the way to through the entire organization is a joke. If they vote NO, it only solidifies their incompetency as a whole. No wonder they are in fiscal trouble. They will lose all this potential earning income just because they won’t guarantee a loan?? They are not even lending any additional monies and they are throwing a stink??

Worst case scenario if Silverstein defaults, they can own one of the hottest pieces of real estate for the fraction of cost. Because we all know down the road, real estate value is just going up and up.

That’s ok with me either way though. We pay more for tolls and transit in either scenario to fund the improvements in infrastructure and our airports. We will just pay more if they decide to not guarantee the damn loan.

Afaik, the whole WTC should be important seeing this through, not only for NYC but to America. (America the beautiful starts to play in the background) The completion is what is supposed to symbolize and send a message to our enemies. This project should be considered the AIG of real estate and viewed to be too big to fail and for this reason and this reason alone... this will be approved if the PA is not dumb enough but wouldn't be surprised non the less. Rant over.
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Old April 23rd, 2014, 10:23 PM   #3872
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PA.... get 2 and 3 built and afterwards get the hell out of the real estate business. If this isn't completed it will be an insult after all the unnecessary spending that rose out of the insistence to making the PATH station not merely very nice and modern but cavernous and palatial. A big part of what slowed down everything else... screw it, save your pathetic faces with this delay but don't even think about turning down the loan once the May vote is held!!!!!!!!!
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Old April 23rd, 2014, 10:44 PM   #3873
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Delay after delay at this site. It happens so much, I've grown accustom to it. It is, however good to see they are seriously considering this instead of making a decision on the fly they will later regret.
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Old April 23rd, 2014, 11:03 PM   #3874
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Quote:
Originally Posted by Vertical_Gotham View Post
Wow... if this is not resolved by July, GorupM can be off the hook and free to look elsewhere. If I where GroupM, my alternative would be to the Hudson Yards and flip the big bird to downtown and the WTC site and say peace, I’m taking my biz elsewhere. I would love to see that. If the PA thinks they will fill up their towers in a site that will forever remain 50% complete, they are kidding themselves.

This whole PA saga of corruption and way of doing business doesn’t surprise me. The PA execs all the way to through the entire organization is a joke. If they vote NO, it only solidifies their incompetency as a whole. No wonder they are in fiscal trouble. They will lose all this potential earning income just because they won’t guarantee a loan?? They are not even lending any additional monies and they are throwing a stink??

Worst case scenario if Silverstein defaults, they can own one of the hottest pieces of real estate for the fraction of cost. Because we all know down the road, real estate value is just going up and up.

That’s ok with me either way though. We pay more for tolls and transit in either scenario to fund the improvements in infrastructure and our airports. We will just pay more if they decide to not guarantee the damn loan.

Afaik, the whole WTC should be important seeing this through, not only for NYC but to America. (America the beautiful starts to play in the background) The completion is what is supposed to symbolize and send a message to our enemies. This project should be considered the AIG of real estate and viewed to be too big to fail and for this reason and this reason alone... this will be approved if the PA is not dumb enough but wouldn't be surprised non the less. Rant over.
It would be a very bad signal to the market is GroupM will have to abandon 3WTC. That would probably stall 2WTC and 3WTC for years.
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Old April 24th, 2014, 12:13 AM   #3875
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Kudos to GroupM for enforcing a July deadline. What other incentive would there be to stop stalling? If we see a NO vote and/or GroupM backs out of the deal, there will be a catastrophic domino effect that the site will not recover from for decades.
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Old April 24th, 2014, 01:01 AM   #3876
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I hate to be that guy because there's enough of these guys around already, but with all this insanity one has to wonder why such a complex plan was chosen in the first place. The entire development has been overthought from the get go; had they just rebuilt the twins and a less complex memorial everything would have been built by now and likely full of tenants. And everyone is to blame here, not just the PA. Silverstein, former Governors, former Mayors, and so on. It was all about greed and being able to say the WTC was rebuilt "their way". The peoples voices never mattered and I doubt they ever will.
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Old April 24th, 2014, 01:10 AM   #3877
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Quote:
Originally Posted by ArtFan88 View Post
I hate to be that guy because there's enough of these guys around already, but with all this insanity one has to wonder why such a complex plan was chosen in the first place. The entire development has been overthought from the get go; had they just rebuilt the twins and a less complex memorial everything would have been built by now and likely full of tenants. And everyone is to blame here, not just the PA. Silverstein, former Governors, former Mayors, and so on. It was all about greed and being able to say the WTC was rebuilt "their way". The peoples voices never mattered and I doubt they ever will.
There is obviously lots of reasons why it has taken so long and is so complex. Obviously the biggest one is POLITICS on every level. In addition NYPD stuck their hand in the design process to make things more "secure"! Throw on top of that the obvious concerns about preserving the sanctity of the site because of the number of people killed there, local union issues and the recession that occurred just one construction was really starting to tick and we have the perfect formula for the mess that has been created.
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Old April 24th, 2014, 01:50 AM   #3878
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Quote:
Originally Posted by Enigmatism415 View Post
Kudos to GroupM for enforcing a July deadline. What other incentive would there be to stop stalling? If we see a NO vote and/or GroupM backs out of the deal, there will be a catastrophic domino effect that the site will not recover from for decades.
A No vote is deserved. The Port Authority needs to call Silverstein's bluff for once. It wouldn't scuttle the deal at all; Silverstein is perfectly capable of funding the site without the Port Authority. He's just learned that he can get away with demanding more and more from the Port Authority for free. If the Port Authority says no this time, that will end his gamesmanship to try to wiggle more concessions from the public, and construction will move forward faster than when he occasionally unilaterally stops the construction process in order to whine about needing more aid and gets everyone worked up at the Port Authority for supposedly being the ones stalling.
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Old April 24th, 2014, 01:54 AM   #3879
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Thank you, LastConformist. I'm glad I'm not the only one who thinks that way. If Silverstein had his way he'd get the entire complex built for free.
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Old April 24th, 2014, 05:28 AM   #3880
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The PA unfortunately has never shown much interest in helping 2 or 3WTC get built, even going back as far as 2009. The obvious problem is they own a half filled 1WTC. Why would they want to add another building on this site to have to compete against?

It's too bad this site couldn't have been rebuilt under one entity. Silverstein or the PA. Too many fingers in the pot unfortunately. One of the biggest, perhaps forgotten, issue was the demolition of the Deutsch Bank Building. That building caused a huge cascade effect that delayed so many other sections around the site. Just think if the VSC/Liberty Park could have been finished two or three years earlier, the memorial could have opened up that much sooner, flooding may not have occurred during the hurricane, the transport hub would be further along, and so on.

But that's a lot of coulda, woulda, shoulda. Everybody needs to work together to get this site rebuilt.
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