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Thread: Proposed WTC Tower #5 on Liberty Street

  1. #631

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    Whatever happens something is getting built on this site.

  2. #632

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    ^
    Not until it's gets a tenant. I seeing a glut of office space coming down the pike.

  3. #633
    Kings County Loyal BrooklynLove's Avatar
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    Quote Originally Posted by jp1 View Post
    thanks for playing. dont expect DB building to be replaced.
    man, if you're going to reach smug conclusions, this wouldn't be a smart basis to get there. all that article says is that jpm would put their displaced employees in the bear buildinig instead of downtown during reno of the midtown location.

  4. #634

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    Quote Originally Posted by jp1 View Post
    thanks for playing. dont expect DB building to be replaced.
    Quote Originally Posted by BrooklynLove View Post
    man, if you're going to reach smug conclusions, this wouldn't be a smart basis to get there.
    I love smugness before the game is over

    CHASE TO BUILD AND 'BEAR' IT

    By TOM TOPOUSIS

    March 21, 2008 -- JPMorgan Chase will move ahead with building a tower at the World Trade Center, even though its plan to relocate its investment-banking headquarters to Ground Zero was scuttled by the acquisition of Bear Stearns earlier this week, The Post has learned.

    "We are exploring other alternatives there and believe we can use it," JPMorgan Chase spokesman Joseph Evangelisti said of the World Trade Center site, where bank officials struck an agreement with the Port Authority to build Tower 5.

    "We are going to utilize the agreement," Evangelisti said.

    JPMorgan's intent to build at the World Trade Center was cast in doubt earlier this week when the bank acquired Bear Stearns for the rock-bottom price of $236 million. The deal includes Bear Stearns' tower and trading floors on Madison Avenue at 47th Street.

    Evangelisti said JPMorgan will move its investment-banking headquarters to the Bear Stearns building but will develop the World Trade Center site for another purpose.

    Sources familiar with the talks about Tower 5 said it will likely not include large trading floors that were supposed to jut out from the upper floors of the structure and that had been derided as a "beer belly."

    In a bid to keep the bank at the World Trade Center site, Assembly Speaker Sheldon Silver, whose district includes lower Manhattan, spoke with senior JPMorgan officials earlier this week and was told the company would develop the site.

    "We have every expectation that they will be there, but the design of the building may change," said Silver spokesman Dan Weiler.

    JPMorgan and the PA agreed last June to a deal that would allow the bank to build a 1.3 million-square-foot tower in exchange for a 92-year lease worth roughly $300 million to the agency, which owns the World Trade Center.

    "The company is giving every indication of its continued interest and we look forward to JP Morgan playing an important role in rebuilding the World Trade Center," PA spokeswoman Candace McAdams said yesterday.

    The site is now the location of the old Deutsche Bank building, which has been vacant since the 9/11 terror attacks. The building is expected to be decontaminated and removed by the end of this year.

    tom.topousis@nypost.com


    jp1?

  5. #635

  6. #636

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    Quote Originally Posted by ZippyTheChimp View Post
    Sources familiar with the talks about Tower 5 said it will likely not include large trading floors that were supposed to jut out from the upper floors of the structure and that had been derided as a "beer belly."
    Yahoo!

  7. #637

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    Since they don't need the trading floors, hopefully a taller and nicer building will rise there.

  8. #638

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    If Bear Stears had to die to spare us Chase's big-bellied monstrosity, then its death was not in vain.

  9. #639

  10. #640

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    Not so quick. The Bear - Chase deal is getting stickier. If it doesn't happen, the pot bellied building could be back.

  11. #641
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    Quote Originally Posted by MikeW View Post
    Not so quick. The Bear - Chase deal is getting stickier. If it doesn't happen, the pot bellied building could be back.
    Doesn't matter - the original deal gave Chase the building essentially. Even if the deal falls through (which it won't, now that Chase has 40% of outstanding shares), they can kick Bear Stearns out of their own building...

  12. #642
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    They will basically build a tower to fill with back office jobs since the building will be heavily subsidized, They can also move some Bear employees from Brooklyn
    Last edited by kliq6; April 29th, 2008 at 01:22 PM.

  13. #643

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    Quote Originally Posted by BPC View Post
    If Bear Stears had to die to spare us Chase's big-bellied monstrosity, then its death was not in vain.
    The "beer belly" was already taken out of the design before all this went down.

  14. #644

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    ^
    Yes, but the need for large trading floors remained:

    The building still must negotiate a tangle of parking, security, and public spaces while offering wide, high trading floors, says our source. "Amenity floors and cafeterias and conference centers add up to different sizes," the insider explained. So some creative structuring beyond the standard straight tower model may still be required. But we have it on good authority that the architecture will be more sloping than slouching.
    Hard to get a read on this, but maybe the 'beer-belly' was eliminated because it was too expensive to engineer. If so, "negotiate a tangle of parking, security, and public spaces" might have meant a huge base out beyond Cedar St.

  15. #645

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    is there any renderings of what the building will look like w/o the belly?

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