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

  1. #1261

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    Quote Originally Posted by BPC View Post
    But he also know how to make a building go up. How to deliver a project on time.
    He wanted nothing to do with 1WTC, even though it was his responsibility to replace the office space.

    Those are not within the PA's skill set.
    By the mid 90s, the PA realized it had to get out of the real estate business. Plans for full one-seat transit access to both LGA and JFK had been in discussion since the 60s. Those plans were dropped in 1995, and we got the stump AirTrain. In my opinion, part of that was the money drain during the first decades of the twin towers.

    The PA finally got out when Silverstein signed a lease, maybe one of the unluckiest in commercial real estate history. Silverstein tried a double-indemnity claim; the insurance companies refused, and the courts backed them up. He lost subsequent rulings and arbitration. Many of us know what it's like to get a claim denied; you just suck it up and move on. Instead, Silverstein has used the public teat to try and recoup what he lost.

    The office buildings were not meant to be a public mandate; that was the rest of the site. You could stretch that and maybe include 1WTC, but the PA lifted that burden from Silverstein.

    He had the old 7 WTC ruins cleared and the new 7WTC -- which is anything but low end -- built before the PA had even finished clearing the debris from the rest of the site.
    Do you really want to compare debris removal (remember Fresh Kills) from the WTC and site 7?

    The last column came out less than a year after 09/11. 7WTC was completed in 2006.

    And fully financed by insurance funds. Skin in the game?

    Silverstein reminds me of Fred Wilpon. If the WTC rebuild is too financially overwhelming, maybe he needs some full partners.

  2. #1262

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    Noticed this today. The glass panels in the podium are very large, but there's very little distortion.


  3. #1263

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    Forms going back up!

  4. #1264

  5. #1265
    Senior Member treebeard's Avatar
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    I'll consider this restarted when I see a crane back on the tower

  6. #1266

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    Bloomberg
    October 6, 2014

    New York Approves $1.8 Billion Bond Sale for 3 World Trade

    By Martin Z. Braun

    A New York state development agency approved the sale of as much as $1.8 billion in bonds for developer Larry Silverstein’s 3 World Trade Center tower, a deal delayed for more than a year after the Port Authority of New York & New Jersey balked at guaranteeing the debt.

    Silverstein is issuing the tax-exempt bonds for the 80-story tower through New York’s Liberty Development Corp., a subsidiary of the state’s economic-development agency. Goldman Sachs Group Inc. (GS) will manage the sale. The tower is scheduled for completion in 2018.

    “The World Trade Center is a reminder of the resilience and determination that defines us as New Yorkers, and today we are taking another step forward in rebuilding it for the future,” New York Governor Andrew Cuomo said in a statement.

    In June, the Port Authority approved a financing agreement that allowed Silverstein to use $159 million of insurance proceeds to finish the tower, which was stalled at eight floors. The agreement didn’t include $1.2 billion of loan guarantees that the developer sought under a previous plan opposed by some Port Authority board members. The agency owns the 16-acre World Trade Center site.

    Three Classes

    Bonds for 3 World Trade Center, which will be issued in three classes, will be secured by a mortgage on the building, tenant leases and rents. In addition to the debt and insurance proceeds, the development will also be financed by $55 million of equity from Silverstein, $210 million from the Port Authority and contributions from the state and New York City. Advertising firm GroupM is 3 World Trade Center’s main tenant.

    Bud Perrone, a spokesman for Silverstein, said the bonds would be sold this month.

    Opposition to the loan guarantees, led by authority Commissioner Kenneth Lipper, centered on the risk the agency was assuming by guaranteeing Silverstein’s bonds and its use of debt capacity for non-transportation projects. The Port Authority runs the New York City area’s three major airports, four bridges, two tunnels, marine ports, two Manhattan bus stations and the PATH train.

    The bonds approved today will be issued as part of the federal Liberty Bond program, created to foster the revival of Lower Manhattan with $8 billion of tax-exempt financing. New York’s Liberty Development Corp. previously issued $2.3 billion of Liberty Bonds for the World Trade Center redevelopment. Goldman Sachs sold more than $1.6 billion of the bonds to finance a new headquarters downtown.

    Critics including Good Jobs New York, which monitors government subsidies, said the program helped pay for luxury apartments while shortchanging affordable housing and gave away $650 million in financing for a Bank of America Corp. tower in midtown Manhattan.

    ©2014 Bloomberg L.P. All Rights Reserved

  7. #1267

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    They just denied MTA 32 Billion in capital construction money for 2015-2019. I'm assuming that this is where the fraction of the money went.

  8. #1268

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    New York Post
    October 29, 2014

    3 WTC secures financing, back on track for 2018 opening

    By Steve Cuozzo


    Pedestrians walk past 3 World Trade Center under construction earlier in 2014.

    And MUNI makes Three.

    Larry Silverstein sold $1.6 billion in tax-exempt Liberty Bonds on Tuesday, finally green-lighting full construction of 3 World Trade Center.

    And with the deal finally done, the sky’s the limit for the developer — sources said that asking rents in the 80 percent of the tower yet to be leased would start in the high $70s per square foot.

    The $2 billion skyscraper, stalled at seven stories, can now soar to its full, 80-story height with 2.8 million total square feet.

    “We now have secured all the financing necessary to complete the building in 2018,” Silverstein said in a statement.

    Only one office tenant has signed on so far, media giant GroupM for 516,000 square feet.

    Silverstein turned to the bond market after the Port Authority balked at his request earlier this year for more backstop financing than it had agreed to provide.

    That left Silverstein and GroupM in a potential pickle. GroupM needs to move 2,400 employees out of several other Manhattan locations and into 3 WTC by early 2018.

    MUNI market conditions didn’t ripen sufficiently to market the Liberty issue until the past month.

    On Tuesday, Goldman Sachs placed about $1.1 billion of senior bonds maturing in 30 years to yield 5 percent, the lion’s share of the total tax-exempt offering, Bloomberg reported.

    © 2014 NYP Holdings, Inc. All Rights Reserved

  9. #1269

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    I knew it. It's not a matter of if with any of these buildings, just when.

  10. #1270

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    Based on the cams this seems to be pretty much back in full swing. They are decking out the core section for a pour, and a fixed concrete pump is visible.

  11. #1271
    NYC Aficionado from Oz Merry's Avatar
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    Presumably, the "proposed" can be removed from the thread title?


    3 World Trade Center Finally Started Rising Again

    February 27, 2015, by Hana R. Alberts


    Photo by Field Condition

    Ever since embattled 3 World Trade Center got its funding back in order, we've been waiting for action at the construction site. And there it goes! A panopoly of shots from construction chronicler website FIeld Condition shows work proceeding above the formerly stalled seventh story. It will eventually reach 80 stories, but slow and steady wins the race, right? Developer Larry Silverstein expects the glassy office tower to open in 2018.


    Photo by Field Condition

    A tipster at One World Trade Center also sent over a few shots of the site from above. Meanwhile, immediately to 3WTC's north, Santiago Calatrava's asymmetrically winged transportation hub—set to open this year—is also progressing.









    World Trade Center Site [FC]

    http://ny.curbed.com/archives/2015/0...sing_again.php

  12. #1272
    Forum Veteran TREPYE's Avatar
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    Part of me wants to get excited but a bigger part says; its watered down, so what is the point.....

  13. #1273

  14. #1274

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    New steel? It's about time!

  15. #1275

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