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Thread: 200 Greenwich Street - Proposed WTC Tower #2 - by Norman Foster

  1. #1396
    Forum Veteran Daquan13's Avatar
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    There is supposed to be one in mind for Tower 2. Silverstein is trying to get that one built to its full height.

    I think that he's going by the theory of; "Get all of the towers built, then we'll fill them up when someone knocks on the door to rent office space in them."
    Last edited by Daquan13; September 11th, 2011 at 12:23 PM.

  2. #1397
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  3. #1398

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    That isn't what's going to happen.

  4. #1399
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    Zippy, will they probably just build the larger 'podium' floors?

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    It's difficult to predict what will get done; the situation is fluid.

    But this isn't like 7WTC, where an owner decided what he wanted to do. There's an owner-lessee relationship between the PA and Silverstein, and an agreement was reached in August 2010 on the development and financing of the towers.

    The below ground levels of the towers are being built out of physical necessity. Unless that's done, the transit complex can't be completed. I don't know to what stage the podiums will be built.

    As for the towers as office space, there's no way Silverstein is going to build tower 2, especially as a spec building, unless tower 3 is established, because it would put his responsibilities regarding the 2010 agreement at risk of default. Unlike tower 2, tower 3 will obtain funding, but there are time stamped conditions to be met.

    Articles on the agreement are available online. Here's a letter concerning authorization to release funds for the development of 3 WTC"
    http://www.esd.ny.gov/AboutUs/Data/B...evelopment.pdf PDF

  6. #1401
    Crabby airline hostess - stache's Avatar
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    I wonder how much larger tower#2 podium could get, considering space constraints.

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    Only Tower 3 is getting a podium. That is why it is being built as it is, with the concrete core going up first, the same way Tower 1 was erected before its full base was built. Tower 2 is still planned to be leveled off at street level, and this is why Tower 2 is going floor by floor rather than core first. Silverstein is not going to build Tower 2 before he has a tenant. Being a NY developer means being patient and waiting for the right tenant, not about rushing unfunded $billion+ towers in soft economies.

  8. #1403
    Forum Veteran Tectonic's Avatar
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    Since the first level look like they may be retail, maybe they'd build those?


  9. #1404
    Forum Veteran Daquan13's Avatar
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    Almost reminiscent of a small office building.

  10. #1405
    Fearless Photog RoldanTTLB's Avatar
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    The whole thing is a little scuzzy if you ask me. One of the main reasons there is an "agreement" with the PA is so they can artificially limit Silverstein from building too fast and undercutting their ability to rent Tower 1. There is almost no way that Silverstein is recouping the ground lease on Tower 4 alone. That's why the financing hurdle was negotiated as low as it was to start building Tower 3. The PA couldn't put the screws to Silverstein too hard without him just working up the money and going with it. Speculative buildings in NYC can work. 11TS has succeeded most recently, and the building at 8th/55th st is hardly leased up, but back U/C. There are a number of large tenants looking for space. Silverstein could just as easily try to lure the tenants waiting for Hudson Yards space since his towers are well further along. I guess we'll just see what happens, though.

  11. #1406

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    Quote Originally Posted by RoldanTTLB View Post
    One of the main reasons there is an "agreement" with the PA is so they can artificially limit Silverstein from building too fast and undercutting their ability to rent Tower 1.
    If that is the case, why are the PA and city renting over half the office space in Tower 4. Why wouldn't the PA just occupy space in Tower 1?

    The PA couldn't put the screws to Silverstein too hard without him just working up the money and going with it. Speculative buildings in NYC can work.
    If so, nothing was stopping Silverstein from rejecting the agreement, and just building a speculative Tower 3.

    Silverstein wanted assistance with financing, and he got $600 million for Tower 3.


    EDIT: To better understand how the agreement came about, you have to go back to 2009, when under provisions of a 2006 agreement, Silverstein sent a notice of binding arbitration to the PA. His primary charge was a material breach of contract, which if upheld, would have cleared the way for Silverstein to sue the PA for damages. His request for rent abatement was held in abeyance.

    The arbitration panel ruled against Silverstein on these points. On the PA side, they eliminated the cross-default clause, which held that Silverstein had to build all three towers within five years, or default all the property. Also eliminated was a provision that Silverstein had to begin construction on all towers.

    The two parties were given 45 days to work out a new agreement, or the panel would impose their own solution.
    Last edited by ZippyTheChimp; September 12th, 2011 at 09:04 AM.

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  13. #1408
    Disgruntled Optimist lofter1's Avatar
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    Elegance and Bombast, side by side.

    As usual STR's work is fantastic, and here shows off 2 WTC's most flattering angle, by far.

  14. #1409
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    This tower will hopefully add some textural variety. Is the glass gonna gonna be this seemingly generic shiny light blue that the rest of the towers use?

    I never thought of this before but with its pinstipes it is the only one that tries to approximate the texture of the twins.

  15. #1410

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    Quote Originally Posted by lofter1 View Post
    Elegance and Bombast, side by side.

    As usual STR's work is fantastic, and here shows off 2 WTC's most flattering angle, by far.
    Good to see the old bear the way it's suppose to be. Now if they could just find a new home for all that crap on the ESB and restore it to it's original King Kong era glory. I just hope they don't junk up WTC2 the same way.
    Last edited by Nomadd; October 6th, 2011 at 07:50 PM.

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