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

  1. #1156

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    Are you guys attempting to expand, or does the lease still stand at 500k sqft?

  2. #1157
    Architectural Padawan
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    Quote Originally Posted by BStyles View Post
    Are you guys attempting to expand, or does the lease still stand at 500k sqft?
    The note didn't give square footage, just that we're taking the lowest 9 floors out of 58 for commercial and that our space will include a terrace.

  3. #1158

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    PIX11
    January 13, 2014

    Feds give $340 million to build 3 World Trade Center

    NEW YORK (AP) — A partly built World Trade Center skyscraper is getting an influx of federal money towards its completion.

    Sen. Charles Schumer announced Monday that officials have cleared the way for $340 million in federal bonds for 3 World Trade Center.

    The New York Democrat worked to get the Internal Revenue Service to make it clear that what are known as Recovery Zone bonds still could be used for the project. The bonds’ initial deadline was 2010.

    The $2 billion tower is to be 80 stories tall. So far, the seven-story base has been built.

    The project overcame a key hurdle last month, when media investment firm GroupM leased about 516,000 square feet.

    Developer Silverstein Properties Inc. Calls the recovery bonds an important financing component.

    The tower is to open in 2017.

    Copyright © 2014 Tribune Broadcasting Company

  4. #1159
    Build the Tower Verre antinimby's Avatar
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    Where's the money for 2?

  5. #1160

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    #2 is not part of the PA-Silverstein agreement.

  6. #1161

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    Having 2m sf of expensive spec space won't be good for NY generally or for Downtown, in particular.

  7. #1162

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    Sorry, 2 ain't never gonna happen. Wish they would put some tennis courts there or something.

  8. #1163

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    Can't really make money off of tennis courts. Unless you're the type to pay $30 an hour.

  9. #1164

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    Though it would be great to see this push forward, surely a flood of empty floor space is going to damage the market in the longer term? It's been this long...waiting a while longer for a natural supply and demand situation to occur is more prudent.

  10. #1165
    Forum Veteran Tectonic's Avatar
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    So we are not likely to see 2 WTC completed before the end of the decade.

  11. #1166
    Build the Tower Verre antinimby's Avatar
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    I'm not a real estate person, but instead of waiting around for that one or two big deals, why don't these developers sign a bunch of smaller leases? Wasn't that how the original WTC filled up their spaces as well?

  12. #1167

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    Quote Originally Posted by antinimby View Post
    I'm not a real estate person, but instead of waiting around for that one or two big deals, why don't these developers sign a bunch of smaller leases? Wasn't that how the original WTC filled up their spaces as well?
    Various rumors have it that sections of the original towers never saw an tenant.

  13. #1168

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    Quote Originally Posted by Tectonic View Post
    So we are not likely to see 2 WTC completed before the end of the decade.
    Seems highly unlikely. If they pulled off the covers today and fired up the engine on #2, it could easily be 2017 before it opened doors. This decade is going fast!

  14. #1169
    Fearless Photog RoldanTTLB's Avatar
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    There were floors in esb that were never occupied either. Even so, it's called induced demand, but if by hurting the market, you mean reducing the psf price in manhattan, it might. That sounds good for renters, though. $50psf is really tough on small companies like the one I work for.

  15. #1170

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    Quote Originally Posted by londonlawyer View Post
    Having 2m sf of expensive spec space won't be good for NY generally or for Downtown, in particular.
    That outcome sounds OK if it means that there would be less demand on the part of Sam Chang and his ilk to hire Kaufman and other trashitects to raze some of the fantastic buildings downtown for 30-story streetwall-killing prefab cheap-hotel boxes with blank walls.

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