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Thread: Proposed WTC Tower #5 on Liberty Street

  1. #706


    Bu 2020, Pace University picks up the site and builds a carbon copy of their dorm that's going up on Broadway. Or maybe Sam Chang and Kaufman the Great pick up the site at a discount and quickly (not counting the work stop orders) erect a superblock of budget hotels.

  2. #707


    Whatever is eventually built there, I hope it will integrate nicely with the new World Trade Center's style. It would be ideal if its height difference with 4WTC is commensurate with that of 4WTC and 3WTC, so as to continue the curved-downward-slope shape of the complex.

  3. #708


    September 11, 2012

    World Trade Center museum deal may lead to land sale

    By Joan Gralla

    A long-delayed sale of land that is part of the World Trade Center redevelopment could become a reality under a new accord between the Port Authority of New York and New Jersey and the National September 11 Memorial and Museum, four sources familiar with the matter said on Tuesday.

    The property, called Site 5, could fetch $135 million to $200 million, two of the sources said.

    Site 5 is owned by the Lower Manhattan Development Corp, a city-state agency created to rebuild that part of the city after the Sept. 11, 2001 attacks. Across from the World Trade Center, the land had been occupied by the Deutsche Bank building, which was damaged in the attacks and later demolished.

    The accord between the Port Authority and National September 11 Memorial & Museum announced on Monday obliges the Lower Manhattan Development Corp to fulfill a 2006 agreement by turning Site 5 over to the Port Authority.

    In exchange, the Port Authority would give the museum title to the eight acres of land it and the memorial occupy on the 16-acre (6.5 hectare) World Trade Center site. The memorial honors nearly 3,000 people who perished as a result of the attacks.

    "Under the 2006 agreement, it (Site 5) is supposed to be swapped for the eight acres on which the museum and memorial are located," Port Authority Vice Chairman Scott Rechler told Reuters on Tuesday after a service for 84 Port Authority workers who were killed on Sept. 11.

    The land swaps were delayed by a political standoff over who would run the annual Sept. 11 anniversary ceremonies held on the memorial plaza, two of the sources said. The sources asked for anonymity because they were not authorized to speak publicly about the matter.

    The governors of New York and New Jersey, who run the Port Authority, wanted more control over the ceremonies.

    The annual memorial has been managed by New York City Mayor Michael Bloomberg because he chairs the foundation that runs the museum and memorial, and the city's police are responsible for security.

    The deal gives the two sides six months to finalize the land swaps. One of the sources said that if only part of Site 5 were to be transferred to the Port Authority, New York state's Public Authorities Control Board might have to approve the deal, which could complicate the matter.


    The Port Authority owns the World Trade Center complex, which it is rebuilding with developer Larry Silverstein. The Port Authority's projects include the underground museum.

    Last year, Port Authority stopped building the nearly $1.3 billion museum because it was arguing with the museum foundation over cost overruns.

    Monday's accord cleared the way for New York Governor Andrew Cuomo and New Jersey Governor Chris Christie to attend Tuesday's 11th anniversary ceremony by resolving the cost dispute and creating a coordinating committee to handle such events.

    In July, the foundation said politicians would be excluded from speaking roles to focus on victims' families.

    The sources said this pressured Christie and Cuomo to reach the accord with Bloomberg on Monday. The deal clears the way for work on the museum to resume in October, Rechler said. The project should be finished by late 2013 or early 2014, he said.

    A spokeswoman for Bloomberg declined to comment. Cuomo's spokesmen had no immediate comment, and a spokesman for Christie referred questions to the Port Authority. No politicians spoke at Tuesday's memorial.

    Unlike the World Trade Center land, which can only be used for commercial development, Site 5 can be used for apartments, a hotel or offices.

    "The site would be most valuable if it supported apartments with a hotel on the lower floors," said Robert Von Ancken, chairman of Landauer Valuation & Advisory, a division of Newmark Grubb Knight Frank.

    A combined hotel and apartments could sell for between $135 million and $150 million, based on comparable sales in the area, the height of the building and the market at the time, he said.

    The Port Authority could use the cash as it struggles to find funds for the World Trade Center and airport, bridge and tunnel projects.

  4. #709


    Surely the W Hotel knew that a huge skyscraper would be built right in front of their perfect view right? Every time I walk down there, I can't help but think of how pissed off they'll be once 5WTC is erected. I'll be happy though, since the WTC complex would seem just a little bit incomplete without it (I think that the memorial plaza looks better when flanked by skyscrapers).
    Last edited by Enigmatism415; May 10th, 2013 at 01:12 PM.

  5. #710


    The 2006 agreement that swapped the memorial acres for site 5 has reared its head and is making noise.

    The next ‘stalemate’ at the World Trade Center?

    September 5, 2014 Posted by: Josh Rogers

    The World Trade Center’s epic disputes over power and money have for the most part been resolved, but there’s at least one remaining that could prevent construction of one of the proposed towers. “We are at a stalemate with them at the moment,” David Emil, president of the Lower Manhattan Development Corp., told Downtown Express this week, referring to the corporation’s dispute with the Port Authority. “It’ll be years before it’s resolved.”

    The L.M.D.C., a federally-funded corporation formed to manage Downtown’s post- 9/11 recovery, owns the World Trade Center Tower 5 site, and Emil said the Port wants to take it over without paying any money.

    The problem, Emil said, is the site is worth $300 million to $500 million, and in addition, the L.M.D.C. spent hundreds of millions to get the site ready for development a figure that ballooned because of the plagued and long-delayed demolition of the Deutsche Bank building, where two firefighters were killed battling a 2007 blaze.

    Emil said the Port is arguing that it effectively became the owner of the site under a 2006 agreement, and that the the development corporation has been acting as the Port’s agent.

    “We say, yeah, that may be. If we were your agent, you have to pay us the $300 million that it cost to take this thing down to which they say no, that was your problem you owned it you see, you can’t have it both ways guys,” Emil said during an impromptu interview at the site Sept. 2nd, after a ceremony celebrating the opening of a temporary green market and public plaza there.

    The Port Authority did not dispute Emil’s characterization of the situation, and a spokesperson declined to comment for this article.

    The 2006 agreement, a memorandum of understanding between the Port and the L.M.D.C., involved a land swap of the Tower 5 site and the World Trade Center’s Performing Arts Center site.

    The Port had originally planned to develop the site as an office tower but after a 2007 deal to move JP Morgan Chase headquarters Downtown fell through, it has since said it would wait for the market to dictate the best use of the site.

    Emil said the Port is still looking to develop the site commercially, but the L.M.D.C. feels the quickest and most lucrative way to proceed is to build a residential tower.

    “The [L.M.D.C.] board’s very strong feeling is we should monetize it and use the money for Lower Manhattan,” he said.

    The corporation is only allowed to spend money in Manhattan south of Houston St., whereas the Port’s revenue benefits both New Jersey and New York State.

    The L.M.D.C.’s board is made up of appointees of the governor and mayor, but its current members were mostly appointed by previous administrations during periods when the corporation had a much larger staff and was more involved in Downtown plans.

    Former Gov. George Pataki created the agency at the end of 2001 with a Congressional grant of $2.783 billion. Rumors of the development corporation’s imminent demise began surfacing a few years later, and by 2006, Pataki’s last year in office, he said it was time for the agency to close since it had done most of what it set out to do including managing the World Trade Center redevelopment and memorial plans.

    Pataki’s successor, Eliot Spitzer, apparently agreed during his campaign calling the agency an “abject failure” in 2006, but he had a change of heart after taking office the next year, naming his top economic development adviser, Avi Schick, as chairperson, and Emil as president.

    There have been two new governors since and one new mayor, but Schick and Emil remain the leaders of the corporation. Emil no longer draws a salary for his position and works part time as president. He said there are now 15 staff members remaining who focus on making sure invoices on L.M.D.C. projects are legitimate before writing checks. He said their combined salaries was something less than $750,000 a year.

    Over the years, there have been many calls to close the corporation down. Most observers agree, that legally the organization can’t shut down fully until all of the money is spent, but some have suggested it become a paper organization, with the city taking over its remaining responsibilities.

    All of the corporation’s remaining funds are designated for specific uses, but there is still hundreds of millions of dollars that has not yet been spent. Much of it is for projects that have not been completed, such as enhancements to the East River waterfront.

  6. #711
    Random Personality
    Join Date
    Aug 2005
    Woodside, Queens


    Its amazing how in two years time the land in question doubled in potential sale price. That is nuts.

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