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Thread: 175 Greenwich Street - WTC Tower # 3 - by Richard Rogers

  1. #1066
    Fearless Photog RoldanTTLB's Avatar
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    I mean, he's not prevented from doing anything he wants. If he showed up with a few trucks filled with maybe 2 billion in cash he could build them both starting tomorrow. It comes down to the equity he is willing to commit. Commercial property generally has a LONG payback time, so you try to commit as little of your own cash as possible and as much of other people's as they'll give you. Residential, on the other hand, more easily "burps" the cash back in a hurry. It's why CIM will put in something like half the cash for 432 without much of a fight, but Silverstein will not here. It's also why 99 Church will get built before Tower 2, if not Tower 3.

  2. #1067

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    Quote Originally Posted by arcman210 View Post
    Does he have to fully lease tower 3 before beginning tower 2? If he has two companies with interest of a half million sq ft, I wonder if he could swing one of them to anchor tower 2?
    Per the agreement, there's no financial connection between towers 2 and 3, so I'd say no - except for one point I'm not sure about.

    The insurance and Liberty Bond proceeds that were allocated to tower 1 were transferred to 2 and 3.

    There is no public funding for tower 2, and the agreement states that construction will be "based solely on market demand."

    Silverstein's requirement for tower 3 construction is that he lease out 400,000 sq ft to qualify for state and city funding. There's no requirement that he lease it fully, although that's an unrealistic option in the real world.

    The one thing I'm not sure of is the "cash-trap" put into the agreement, protecting stakeholders. It states that they "get paid back before SPI collects profits from the net cash flows of Towers 3 and 4." Tower 2 is not mentioned. In theory, you could have a situation where tower 3 is half leased and struggling to turn a profit, while tower 2 is fully occupied and it's profits are not subject to the cash trap.

  3. #1068

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    3 World Trade is up & coming

    • By DAVID SEIFMAN City Hall Bureau Chief
    • Last Updated: 4:50 AM, January 2, 2013
    • Posted: 2:18 AM, January 2, 2013

    Another tower at Ground Zero could soon be on the rise.
    Developer Larry Silverstein is “closer than anyone realizes” to landing tenants that would allow him to complete Tower 3 at the World Trade Center, Mayor Bloomberg told The Post.
    “I think we’re pretty close downtown at the World Trade Center — closer than anybody realizes — to getting tenants for [Tower] No. 3,” the mayor said during a year-end interview last week.
    The likely anchor tenant is GroupM — a subsidiary of the world’s largest advertising company, WPP — which a source said is in “advanced talks” to sign a lease.

    GroupM has been looking to consolidate its operations in the city by leasing about 550,000 of the 2.8 million square feet in Tower 3, an 80-story structure Silverstein hopes to construct by 2015.
    The law firm of White & Case has also been reported to be looking for space in the same building.
    Tower 2, meanwhile, is not making similar progress, Bloomberg said.
    During the interview, Hizzoner said Tower 2 was “way down the road. You’d have every building but 2 going.”
    Tower 3 became a question mark last year when prospective tenants — including Morgan Stanley and UBS — lost interest amid concerns about slowing growth in the financial industry.
    Silverstein has already completed the below-ground portions of the skyscraper, which will serve as pedestrian and retail corridors.
    But without an anchor tenant, he couldn’t tap financing pledged by the Port Authority to help him finish the project.
    If the mayor is right, that hurdle is about to fall.
    Silverstein spokesman Bud Perrone declined comment.
    The developer has the right to develop three of the four towers planned for the Trade Center.
    With commitments from the PA and the city to pre-lease at least 400,000 square feet, Tower 4 is scheduled to be finished late this year with 2.3 million square feet of space.
    Tower 2, the second-tallest structure, is on hold awaiting more favorable market conditions.
    The signature 1,776-foot 1 World Trade Center — formerly known as the Freedom Tower — is being developed by the PA.
    It topped out in August and will be the tallest building in the Western Hemisphere.
    Bloomberg was equally upbeat about the prospects of the city’s other mega-development, the 26-acre Hudson Yards on the far West Side.
    Speaking of the mayor, Stephen Ross, the developer of Hudson Yards, said: “He’s got to get one more tenant for the first big building and then the platform [over the rail yards] makes sense.
    “Once you have the platform,” he added,“the West Side is going to be residential and that’s easy to finance. That will not be a problem.”
    Coach, the luxury-leather-goods manufacturer, announced in 2011 that it was taking more than 600,000 square feet in the first office tower planned for the site at Tenth Avenue and 30th Street, or about one-third the available space.

  4. #1069

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    That's some good news.

  5. #1070
    Forum Veteran Tectonic's Avatar
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    01.31.13

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    ©tectonic

  6. #1071

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    A month later, any word either way on that report from the Post?

  7. #1072

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    That diagonal bracing is exciting.

  8. #1073

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    More exciting would be vertical construction.

  9. #1074

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    Spotted this guy today, prepping the embed plates in the poured walls, presumably to continue steel erection (and more?).

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  10. #1075

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    Rumor by way of two members on SkyscraperPage is that a tenant has been found and construction will resume.
    Last edited by Derek2k3; April 6th, 2013 at 02:14 AM.

  11. #1076

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    Silverstein won't keep the general public out of the loop. Hopefully he'll come forward with some more entertaining news.

  12. #1077

  13. #1078
    Fearless Photog RoldanTTLB's Avatar
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    I don't know if anyone noticed, but after months of what appears to be little to no movement on this tower, they have begun putting up the facade...

  14. #1079
    Forum Veteran Tectonic's Avatar
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    ^ thanks, I was wondering if that would happen next.

  15. #1080

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    Bad sign for imminent tower construction, right?

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