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Old April 11th, 2009, 08:47 PM   #61
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They are still doing excavation work on 3WTC's site right now. There is still some rock blasting work to be done as well. We probably won't see either 2 or 3WTC start for at least a few more months.
Any excavation happening on the Tower 3 site is being done by Silversteins crew. As for Tower 2, I've seen surveying crews down in the pit for the last few days.
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Old April 13th, 2009, 08:19 PM   #62
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Let's hope they get underway soon.
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Old April 15th, 2009, 03:43 PM   #63
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not good a good news so far


As Finance Offices Empty, Developers Rethink Ground Zero


Merrill Lynch, an investment bank now owned by Bank of America, has started moving the first of thousands of employees to Midtown from Lower Manhattan, a departure that will ultimately leave floor after floor of empty office space at the World Financial Center.

Goldman Sachs will leave vacant 1.3 million square feet in four aging buildings in the financial district after it begins moving to its new headquarters in Battery Park City late this year. American International Group, the troubled insurance giant, is also a shrinking presence downtown, real estate brokers say, while Depository Trust is considering a move to New Jersey.

And just as companies are leaving downtown, more commercial space is being built there. Under current plans for the redevelopment of ground zero, the developer Larry A. Silverstein will add three massive skyscrapers with a total of 7.57 million square feet by 2013.

It adds up to hundreds of acres of vacant space in Lower Manhattan at a time of recession and restructuring of the financial industry.

For that reason, Mr. Silverstein and the owner of the 16-acre ground zero site, the Port Authority of New York and New Jersey, are once again locked in negotiations over how and when the office towers get built. The talks are further complicated by the fact that the utilities and entryways for the nearby $3.2 billion transit center and the Sept. 11 memorial are woven into the base and underground portions of Mr. Silverstein’s three towers.

Given the restructuring of the financial services industry, there is a “need to reconsider the original plan for 10 million square feet of office space at ground zero,” said Mitchell L. Moss, a professor of urban policy and planning at New York University. The two sides are reluctant to discuss the details of negotiations because of confidentiality agreements. But executives who have spoken to both parties outlined their positions.

Mr. Silverstein, who has received more than $150 million in development fees already, wants to push forward with at least two of the towers and reconfigure an agreement with the Port Authority. He has offered a characteristically optimistic view of New York’s rebound, saying there will always be companies willing to pay top dollar for new, modern buildings.

Unable to finance the buildings himself, Mr. Silverstein wants the Port Authority to do it, a move that could cost $3 billion and a sizable portion of its capital budget. At the same time, Mr. Silverstein has pressed the state and the city, which agreed in 2006 to occupy a portion of the first of his towers, to pay a premium rent for space that would otherwise be unoccupied.

Two weeks ago, according to executives on both sides, Port Authority officials offered a counterproposal: it would provide $800 million in financing for only the first tower, a 64-story, 2.3 million-square-foot building on Church Street, between Cortlandt and Liberty Streets. In keeping with the original agreement, the Port Authority would move its headquarters there, but pay a substantially higher rent.

In return, Mr. Silverstein would have to invest his fees in the project, while providing the Port Authority with a financial stake in the building.

Rather than flooding the downtown market with what it believes would be unneeded office space, the Port Authority has proposed delaying construction of the second, even larger tower until 2022 and the third until 2030.

“We have to deal with the economic reality today,” said Christopher O. Ward, the authority’s executive director. “That starts with keeping the memorial and the other public infrastructure on the timeline and budget we’ve committed to.”

Still, the authority says it would build the underground portions and the first few floors of the other two towers, because they contain ventilation systems, entryways and emergency exits for the transit center and the memorial. Mr. Silverstein, however, has argued that the authority’s proposal would leave much of the site unfinished and perhaps unoccupied. He also contends that it would be impractical, if not impossible, to build the first few floors of the second two towers and complete them later.

“In 2006, all of the stakeholders — the city, the state, the Port and Silverstein — agreed that the best interests of both the city and downtown would be served by finishing the entire site simultaneously and as quickly as possible,” said Janno Lieber, who oversees the trade center project for Silverstein Properties. “One building surrounded by three half-finished blocks for the next 20 years does not make good on promises made to New Yorkers.”

The recession and the collapse of the credit markets have taken a toll on the commercial market, as some banks fold or consolidate. Brokers predict that the vacancy rate in downtown office buildings will climb to 16 percent, from 11.7 percent today. JPMorgan Chase has quietly abandoned its plan to build a new headquarters for its investment banking division near ground zero.

“The market doesn’t need seven million square feet of space and it’s not going to need it for a while,” said Barry Gosin, chief executive of Newmark Knight Frank, a real estate brokerage firm.

The Bloomberg administration has remained neutral so far as to whether Mr. Silverstein should build one or two towers in the next couple of years. Mr. Silverstein is not without leverage. He can insist on adhering to the current development agreement. So far, the Port Authority has paid nearly $90 million in penalties for failing to turn over Mr. Silverstein’s construction sites in a timely manner. If the impasse continues, it could jeopardize the authority’s promise to open the memorial in 2011.

“What Larry did is take out all his equity at the beginning, so he really doesn’t have a lot of skin in the game,” Mayor Michael R. Bloomberg said last month. “He has an enormous amount of upside potential, which doesn’t leave the Port Authority with a lot of negotiating ability, because they’re the ones who have to put up the money.”

Mr. Silverstein has about $964 million left from an original $4.5 billion pool of insurance proceeds, paid to cover his losses from the destruction of the two original World Trade Center towers.

http://www.nytimes.com/2009/04/15/ny...l?ref=business
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Old April 15th, 2009, 07:49 PM   #64
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So, out of $4.5 billion, Larry has $964 million left and has paid around $600 million in rent. Other than what he's spent on building 4, where did the rest go?
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Old April 16th, 2009, 08:13 AM   #65
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This buildings aren't being built for right now there being built for the future. Businesses are leaving lower manhattan but they'll be back and new businesses will come with them.
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Old April 18th, 2009, 02:53 PM   #66
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Talk of delaying 2 WTC towers for years

By Amy Westfeldt | April 16, 2009
Associated Press
The owners of the World Trade Center site, locked in a new round of heated talks with a private developer about how and when to build office towers, have proposed indefinitely putting off two of three planned skyscrapers until the real estate market recovers.

According to officials familiar with the negotiations, an analysis prepared for the Port Authority of New York and New Jersey predicts World Trade Center developer Larry Silverstein wouldn't be able to finish building all three towers he plans for decades, with the last tower finished by 2030.

Silverstein and the Port Authority have been talking on and off for months about rewriting a 3-year-old agreement that gives the developer rights to build three out of five towers planned at the Sept. 11, 2001, terror attack site.

In a failing economy where developers have found it impossible to obtain financing for new projects, Silverstein last fall asked the Port to back financing for two of his towers, three officials told The Associated Press, speaking on condition of anonymity because the talks are confidential.

The Port Authority about a week ago agreed to back about $800 million in financing for one tower already under construction, where the Port Authority has agreed to lease space once it's completed.

The other two towers shouldn't be built until there is enough demand for commercial office space downtown, the Port has said.

An analysis of Silverstein's plan by the Cushman & Wakefield real estate brokerage projected that while two of Silverstein's towers could be built by 2013, a third would not be built until 2030 and fully leased until 2036. A second tower that hasn't been built yet wouldn't be fully leased until 2025, the brokerage says.

The agency says it needs clarity on a rebuilding schedule to prevent delays on other interconnecting projects, like the Sept. 11 memorial and a multibillion-dollar transit hub. All the planned projects on the site have been delayed multiple times since they were announced in 2003.

"The Port Authority's obligation is to rebuild the site in the public interest based on the economic reality today," the agency said in a statement. "That starts with keeping the memorial and the other public infrastructure on the timeline and budget we've committed to, and it extends to building the right amount of office space to meet what is now a very different market downtown."

Janno Lieber, who oversees the trade center site for Silverstein, said the developer wants to build all the towers as quickly as possible, "as we all promised the public so that downtown could realize its potential."

Silverstein has not formally rejected the port's proposal. Both sides need a new deal, in which Sept. 11 insurance money was split to pay for the towers. Silverstein has paid about $800 million in rent since 2001 for the undeveloped space and has collected over $100 million in development fees. The Port Authority is paying Silverstein $300,000-a-day late fees for not excavating all the land Silverstein needs to build on. The lease requires Silverstein to build his three towers by 2013 or forfeit rights to them.

Kathryn Wylde, chief executive of the Partnership for New York business group, said the real estate market would likely drive the decision how fast to build back office space.

"If you don't have commercial tenants demanding the space, I don't see it being developed," she said. But she wondered at projections like the 2030 date, saying demand for new office space in lower Manhattan would happen long before that.

"It may take five years, it may take 10 years," she said, "but it's not going to take 21 years."


Both good and bad
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Old April 20th, 2009, 02:38 PM   #67
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Wow this going very well SIGH....


Square One, Ground Zero: Port Authority must kill $1 billion WTC bailout plan

The terrible economic realities spawned by the financial crisis are playing out disastrously in the long-troubled, long-delayed redevelopment of Ground Zero.

With the demise or shrinkage of Wall Street giants, there are few, if any, tenants to take space in the five huge towers planned for the site. And the banks that used to lend money for construction, well, they're not making loans the way they used to.

No tenants plus no money equals no development. This fact of life is as true at Ground Zero as it is anywhere else - no matter how much the Port Authority, which owns the land, and Larry Silverstein, the builder who holds development rights, might like to defy gravity.

Although he has almost $1 billion in reserve from the insurance payment on the toppling of the World Trade Center, Silverstein isn't close to having the resources to complete the single structure he is building now, called Tower 4, let alone the two others he is obligated to erect.

Nor does Silverstein have anywhere to turn for private financing. Without leases and with a glut of office space on the market, he has nothing to offer lenders except hope for a miraculous economic recovery. He knows better than to ask.

So, paralyzed, Silverstein has turned to the Port Authority to put up billions in public money to guarantee repayment to potential lenders. He would proceed to build Tower 4 and the even larger Tower 2.

Properly, the PA told Silverstein to get lost. But it counteroffered with a proposal to bankroll Silverstein to the tune of $1 billion to build Tower 4.

This is lunacy. This must stop. The PA must withdraw its offer. Govs. Paterson and Jon Corzine, Mayor Bloomberg and the authority must redraw plans for Ground Zero.

The reasons are simple. First, that $1 billion is earmarked for transportation improvements in New York. That is how it must be spent. Second, trying to force development into Ground Zero would be futile and harmful.

The authority is considering a $1 billion investment solely out of a desire to maintain progress on the Trade Center site. But as things now stand, the agency would accomplish only the construction of empty offices.

Worse, the building would compete against the huge skyscraper, formerly known as the Freedom Tower, that the PA is building across site.

For a long time, thanks to the execessively generous terms negotiated by the PA, Silverstein stood to make fabulous sums at Ground Zero while risking none of his own money. That was when times were good. Now they're bad, and he's asking the authority to put more public money at risk so he can stay in the game.

But the game is up.

http://www.nydailynews.com/opinions/...lout_plan.html

to me the whole site is "f***ed" beyond repair
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Old April 20th, 2009, 02:41 PM   #68
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awesome building!
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Old April 23rd, 2009, 11:49 PM   #69
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So it turns out the report predicting doom & Gloom was total BS. It was filled with stupid assumptions such as that Silverstein wouldn't start marketing towers 2 & 3 until tower 4 was completely filled and then predicated, strangely, that the towers would fill up three times slower than the Freedom Tower.

I'm thinking that the PA is trying to kill competition.
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Old April 26th, 2009, 06:14 PM   #70
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I don't know what the hell PA is so ******* affreid of?
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Old April 26th, 2009, 07:13 PM   #71
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I don't know what the hell PA is so ******* affreid of?
The PA is afraid of guaranteeing the billions of dollars of loans Silverstein needs to build 2 and 3WTC without any anchor tenants lined up yet. Keep in mind Silverstein isn't asking for money from the PA, only that they will back stop the loans if he can't pay the bills (basically acting like a cosigner). But without any tenants signed on for his towers, the PA is nervous they'll ultimately have to foot the bill in the end.
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Old April 27th, 2009, 03:52 PM   #72
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WTF are they doing on GZ? I mean this is THE project that could transform lower manhattan to something it never was.....it would create street level retail, retail at the underground mall, it would create a new icon for nyc.....it also could be the booster for a new more impressive construction boom that we can now witness in nyc....this has so much potential.....they have the chance to build something that can change lower manhattan and all they have are fears and not the balls and will to risk anything...if this goes on like the way it is now we will never see a finished WTC complex
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Old April 27th, 2009, 04:02 PM   #73
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WTF are they doing on GZ? I mean this is THE project that could transform lower manhattan to something it never was.....it would create street level retail, retail at the underground mall, it would create a new icon for nyc.....it also could be the booster for a new more impressive construction boom that we can now witness in nyc....this has so much potential.....they have the chance to build something that can change lower manhattan and all they have are fears and not the balls and will to risk anything...if this goes on like the way it is now we will never see a finished WTC complex
remember PA doesn't give a f*** about NY and people. They already proven themselves in past 5 years.
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Old April 28th, 2009, 09:26 AM   #74
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Originally Posted by germantower View Post
WTF are they doing on GZ? I mean this is THE project that could transform lower manhattan to something it never was.....it would create street level retail, retail at the underground mall, it would create a new icon for nyc.....it also could be the booster for a new more impressive construction boom that we can now witness in nyc....this has so much potential.....they have the chance to build something that can change lower manhattan and all they have are fears and not the balls and will to risk anything...if this goes on like the way it is now we will never see a finished WTC complex
Lower manhattan had all that crap before 9/11. I couldn't careless about the potential, What they need to do is rebuild the WTC. Lets stop talking about it and get it gone.
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Old April 29th, 2009, 11:45 AM   #75
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What the PA is doing is trying to create a situation where Silverstein will default on his lease and then the PA gets the whole site back. If they can delay Silverstein's towers long enough this is what will happen. Then Silverstein will be gone and the PA will stand to reap all the profits from the buildings......however it will make everything take a decade longer but they don't care.
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Old April 30th, 2009, 09:59 AM   #76
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He not going to default on anything and that not what their trying to do. You know there such things as laws. He has a 99 year lease, he'll be long died by the time that lease is up. PA just don't know what their doing never did never will.
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Last edited by kingsc; May 4th, 2009 at 05:33 AM.
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Old May 1st, 2009, 04:32 AM   #77
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I think it's reprehensible that the Port Authority would even utter statements "...it will take 30 years for the WTC to be complete..." My god can you imagine if they'd said such statements back in '02 or '03. They'd have been villified by every politician, citizen, and media outlet all over the world. Now their getting away with statements that it'll take the USA and NYC decades to rebuild what a dozen terrorists destroyed.

Unbelievable!
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Old May 1st, 2009, 11:41 AM   #78
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He not going to default on anything and that not what their trying to do. You know there such things as laws. He has a 99 year lease, he'll be long died by the time that lease is up. PA just don't know what their doing never died never will.
He loses that lease if the buildings aren't substantially complete by 2013.
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Old May 2nd, 2009, 04:52 AM   #79
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Its not 2013 its 2009 lets get there first
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Old May 4th, 2009, 01:50 AM   #80
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How many buildings in NYC have been approved, begun, topped out, finished, and filled with people since they emptied out the "bathtub" and reconstructed the subway line and PATH station?

I'm betting it's more than the 7 we lost on 9/11.

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