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Old May 28th, 2014, 02:44 AM   #4001
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Quote:
Originally Posted by Vertical_Gotham View Post
All you guys are a bunch of negative Nancies!!

My vote is a resounding A!!!!
I'll delete my account if they give the loan.
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Old May 28th, 2014, 02:53 AM   #4002
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Quote:
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I'll delete my account if they give the loan.
Yikes!! Don't do that! I enjoy all of ur posts.
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Old May 28th, 2014, 03:19 AM   #4003
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The Crain's interview a few days ago was pretty damning. Larry completely sidestepped answering how his situation was any different from Related's at HY. It was hard to come away from that seeing him as anything but a phony cheapskate.

Jump to 3:40 for the exchange I'm talking about (and if someone wants to remind me how to embed YouTube videos, I'm happy to do it)

Edit: AlexNYC did it for me, but I'll remember how next time!

Last edited by MarshallKnight; May 28th, 2014 at 03:29 AM.
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Old May 28th, 2014, 03:25 AM   #4004
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The Crain's interview a few days ago was pretty damning. Larry completely sidestepped answering how his situation was any different from Related's at HY. It was hard to come away from that seeing him as anything but a phony cheapskate.

Jump to 3:40 for the exchange I'm talking about (and if someone wants to remind me how to embed YouTube videos, I'm happy to do it)
Copy the link after "V=" and just put it inbetween [ youtube] [ /youtube]
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Old May 28th, 2014, 03:45 AM   #4005
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Quote:
Originally Posted by MarshallKnight View Post
The Crain's interview a few days ago was pretty damning. Larry completely sidestepped answering how his situation was any different from Related's at HY. It was hard to come away from that seeing him as anything but a phony cheapskate.

Jump to 3:40 for the exchange I'm talking about (and if someone wants to remind me how to embed YouTube videos, I'm happy to do it)

Edit: AlexNYC did it for me, but I'll remember how next time!
I don't think that part of the interview helped him but he's right in saying its a poor comparison. Compared to the WTC site the Hudson yards land is not all that valuable and the site has completely different constraints. Building over a rail yard in a part of the city that historically has been an industrial wasteland is not a fair comparison to building in the center of the financial district. I think the port authority is getting a good deal and I think they are going to vote to build it.
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Old May 28th, 2014, 05:14 AM   #4006
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Still a gap without 2WTC
This definitely looks better than what we see now (although 3WTC will be about twenty meters shorter).
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Old May 28th, 2014, 06:18 AM   #4007
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This definitely looks better than what we see now (although 3WTC will be about twenty meters shorter).
Don't tempt us with the original design with its cross bracing. Are you just rubbing it in?

As for tomorrow's vote: the best outcome would be if the PA convinces the nay camp to vote for it by simultaneously presenting a plan to divest itself of all real estate in the longer term.

It is hardly controversial to say that the PA has no business in office real estate. It needs a public statement that there will be no new adventures outside of its core domain of the ports, airports and cross-Hudson transportation and an actionable schedule for getting out of existing assets and liabilities. With that in place, they should make sure that their existing assets can be successful and go ahead and underwrite 3 WTC..

.. maybe even pay a bit more to get that original bracing back
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Old May 28th, 2014, 03:01 PM   #4008
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The cross bracing won't come back as the entire structural design also had to be changed to reflect it.
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Old May 28th, 2014, 06:49 PM   #4009
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3 WTC subsidy vote to be tabled, again

The Port Authority of New York and New Jersey is expected to postpone a vote on a financing arrangement for the office tower for the second time, a blow to developer Silverstein Properties

http://www.crainsnewyork.com/article...e-tabled-again

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Facing scrutiny over a deal to put $1.2 billion of public money at stake to build another office tower at the World Trade Center site, the Port Authority of New York and New Jersey is expected to again postpone a vote on the matter at a board meeting on Wednesday.

The Port Authority's decision to hold off on considering the financing arrangement, in which the Port Authority will provide a loan guarantee on the tower, is a sign that the deal has failed to gain the support of the bistate agency's board of commissioners. It also appeared to be a blow to Silverstein Properties, the tower's developer, who has been scrambling to work out an arrangement to get the tower built so it can complete a lease with an anchor tenant it has tentatively secured for the property, the media and advertising company GroupM.

Silverstein must now try to source financing from the private sector for the $2.4 billion tower—a task it has for months said is unfeasible at a time when lenders have remained reluctant to provide money for speculative office buildings.

One possible arrangement being pursued, according to sources, is the involvement of a private insurer that would protect the Port Authority's $1.2 billion in exchange for a fee, essentially eliminating the Port Authority's risk in the deal. So far, however, such policies have been exorbitantly priced, sources say.

Silverstein is also seeking to raise more equity to invest in the tower beyond the $450 million it is already planning to invest, reducing the loan it needs, and securing a larger portion of the tower's financing on its own, without the Port's loan guarantee. In that scenario, the Port would provide a guarantee but for a lesser amount.

For months, top Port Authority executives, led by the Port Authority's vice chairman Scott Rechler and executive director Pat Foye, have praised the merits of providing the $1.2 billion loan backstop, which would put the Port Authority on the hook for that amount if Silverstein Properties defaults on the tower. Those executives say that such a default is highly unlikely and that the deal would allow the Port to collect tens of millions of dollars of rent from the soaring new building, known as 3 World Trade Center, much sooner and also allow it to sell the property's valuable retail space and collect over $130 million.

In recent weeks, Mr. Rechler, who is also a prominent landlord in the city, negotiated a 15% profit share for the Port Authority in the new tower, giving it a cut of the building's earnings as an added incentive. But opposition on the board, led by Kenneth Lipper, a former Wall Street executive who was appointed last year to the Port Authority by Gov. Andrew Cuomo, has continued to stymie the deal. Mr. Lipper has insisted that Silverstein build the tower on its own and that the Port Authority use its financial capacity not for real estate development but its core mission of transportation infrastructure.

In April, the Port Authority had to table a vote on the financing due to that opposition, pinning the hopes of the tower's proponents on this May vote. If a private sector arrangement can be reached, Port Authority executives say they could immediately call a special vote on the tower deal in the coming days or weeks and still give Silverstein enough time to close a 515,000-square-foot lease with GroupM.
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Old May 28th, 2014, 07:19 PM   #4010
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Lipper is playing a dangerous game and really if he is successful in continuing to cause havoc here it's on Gov Cuomo for appointing this loose cannon in the first place. Even with the loan consignment there are virtually no pitfalls for the PA here, but to screw around with WTC 3 like this the PA assures it won't benefit. Cuomo has to push Lipper to vote yes... to allow a vote and stop this insanity. They're playing with fire here and it's an embarrassment to the city of New York. Enough now... get moving and schedule the vote asap before the Group M deal falls apart!!!!!!!!!!!!!
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Old May 28th, 2014, 07:19 PM   #4011
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Oh well...
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Old May 28th, 2014, 07:20 PM   #4012
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I'm not expecting this to be built any time soon.
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Old May 28th, 2014, 07:44 PM   #4013
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Yea.. I’m losing my optimism! Damn you PA!! What screwed the whole complex up imo and don’t get me wrong as I love the WTC hub, but that project pretty much handcuffed everything. I mean instead of focusing restoring all that office space lost from 9\11 at the complex the PA clearly wanted the Transpo hub with a $4 Billion and rising price tag.

I think they are right, they should get out of the real estate biz and I’ll throw in something extra…they should get out of the transportation hub biz as well. Incompetency and Lipper knows it and they are trying to save face to justify pissing money away for this overcost and overruns Calatrava transportation hub. That is my opinion.

A new state of the art worlds most expensive transportation hub in Earth will not increase traffic at the complex. It will be new office spaces that will be needed in an exponentially growing population in NYC. The PA put their bet in the wrong place asfaik.

The WTC complex will be completed after the full build out of the sucseffuly Hudson Yards and the re-emergence of Midtown East.
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Old May 28th, 2014, 07:55 PM   #4014
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If they don't figure something out in the next several weeks (most likely they will not, due to such short term thinking) Silverstein can forget about seeing this tower and Building 2 finished in his lifetime. It will be "Hole in the Ground II" for the site.
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Old May 28th, 2014, 07:55 PM   #4015
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It's the New Jersey side of the PA which pushed for the new station and as a Jersey resident it embarrasses me no end, and now really depresses me that the new Gov Cuomo appointment Lipper now wants to do this... that VG can be so despondent really concerns me. I don't think it can wait years, decades to be filled in... somebody with good sense please step in to stop this madness. Get this building and after that WTC 2 approved and have the PA ease out of real estate holdings in the future. Just so depressed with the PA right now.... what they've done in the 12 years since 9/11 is a prime example of how NOT to do things.
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Old May 28th, 2014, 08:09 PM   #4016
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It's the New Jersey side of the PA which pushed for the new station
Interesting. I didn't know that. That $4B could have gotten ARC halfway finished.
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Old May 28th, 2014, 08:43 PM   #4017
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Well, the small silver lining is they're still talking. It appears the PA isn't completely against the loan guarantee. They'd just like Silverstein to put in more money and not have to guarantee a billion dollar loan.

http://newyork.cbslocal.com/2014/05/...tc-rebuilding/

"The Port Authority is delaying a vote on 3 World Trade Center to allow time to reach a deal that involves more private funding..."

"...It’s seeking a deal with more private financing so it does not have to guarantee a $1 billion loan that Silverstein is seeking..."
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Old May 28th, 2014, 08:52 PM   #4018
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Lipper better not screw this up.. a lot of the waste was that damn transit hub. Cuomo is very image conscious... does he want that his appointee was possibly responsible for setting back the completion of the WTC complex for years, if not a decade or more? GET THIS DONE NOW and quit playing games!!!
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Old May 28th, 2014, 09:16 PM   #4019
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Another reason as to why I'm so thankful of New York having the Hudson Yards, major offices actually being built! And at cost with the first stage...

As well as I, and I assume quite a few people on here, developers and companies are preferring the Hudson Yards district as opposed to the WTC, which is a major problem
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Old May 28th, 2014, 09:24 PM   #4020
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Port Authority abandons financing plan for 3 WTC

"The bistate agency said it will drop plans for a $1.2 billion financial guarantee for the new tower and pursue private financing instead.

Officials at the Port Authority of New York and New Jersey said the bistate agency has abandoned plans to provide a controversial $1.2 billion financial guarantee that would allow a new tower to rise at the World Trade Center site and would pursue a deal to finance the soaring building instead with private funds...."

"...to structure a "hybrid" arrangement that would bring the Port's commitment back inline with an agreement in 2010 in which the agency pledged to provide a $200 million backstop for the new building.

Mr. Rechler did not discuss the details of the revised deal being sought, but suggested a reinsurance firm could take on the risk that the Port was initially contemplating..."

"...Another potential scenario, according to a source, could involve Silverstein raising more equity to invest in the tower beyond the $450 million it has already pledged to reduce the loan it needs to build the $2.4 billion project. In that case, it would also secure a larger portion of the tower's financing on its own, without the Port's loan guarantee or with the Port committing to the lesser guarantee..."

"...confident a financing package could be arranged in time to finish a key leasing deal Silverstein has tentatively struck with the large advertising and media firm GroupM, which has committed to take 515,000 square feet in the new tower..."
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