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Thread: 150 Greenwich Street - WTC Tower #4 - by Fumihiko Maki

  1. #1651

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    Quote Originally Posted by scumonkey View Post
    But wouldn't using spandrels to reflect the sky into the glass make it less transparent and not more?
    I think it depends on the viewing angle and sky conditions. Although the two buildings look very similar, sometimes 7WTC has a deeper reflectivity; and other times, it's more transparent than 1WTC.

    Can't explain why.

  2. #1652

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    Well, if it is the same glass, excuse me. However, perhaps its the angle of the glass or something like that, b/c I've noticed a difference.

  3. #1653

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    Also,

    7WTC has completed and occupied office space. Well lit, usually light colored walls.

    1WTC is mostly raw space, with construction lighting.

    I think 4WTC looks much better on an overcast day like today, than on a bright sunny day.

  4. #1654
    Senior Member DKNY617's Avatar
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    September 24th, 2011








  5. #1655

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    Quote Originally Posted by DKNY617 View Post
    September 24th, 2011







    Aww, poor 1 Liberty Plaza.

  6. #1656
    Forum Veteran Daquan13's Avatar
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    Great pics, DKNY!!

  7. #1657

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    The building's glass gives it a chameleon-like quality. Very interesting. Great PICs, DK.

  8. #1658
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    Quote Originally Posted by ZippyTheChimp View Post
    I think it depends on the viewing angle and sky conditions. Although the two buildings look very similar, sometimes 7WTC has a deeper reflectivity; and other times, it's more transparent than 1WTC.

    Can't explain why.
    Because 1WTC is absolutely covered in filth since it has no cleaning system yet. Anything else is an illusion caused by the fact that no two sides of either building is parallel to a side on the other tower.
    Last edited by STR; September 25th, 2011 at 10:19 PM.

  9. #1659

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    Wall Street Journal
    September 22, 2011

    Port Authority Plans WTC Bond Change

    By ELIOT BROWN


    The dispute had threatened to halt construction of 4 World Trade.

    In a move to avert a work stoppage on a new World Trade Center office tower, the Port Authority of New York and New Jersey is planning to back down in a monthslong financial dispute with its bond investors, people familiar with the agency's plans said.

    Port Authority officials intend to restructure a planned financing package for 4 World Trade Center in order to address the concerns of existing Port Authority bondholders who blocked the $1.37 billion effort in the spring, the people said.

    The new structure will likely cost tens of millions of dollars more than the previous one, although municipal bond rates have improved significantly since April, when the bonds were initially slated for a sale.

    The change in structure is still in early stages. It needs approval from the agency's board, it hasn't yet been presented to ratings agencies, and the bond investors who were holding up the sale have yet to be informed of a final decision. A Port Authority spokesman declined to comment.

    The new bond sale, if it proceeds, would remove a major potential obstacle at the World Trade Center site, where 4 World Trade Center and the 104-story One World Trade Center are rising.

    Since April, the fight had threatened to halt construction of 4 World Trade, a 72-story tower being built by developer Larry Silverstein. Mr. Silverstein needs to sell more than $1.3 billion in tax-free bonds to finish construction on the building, now 51 stories up.

    Without a bond sale, he stood to run out of money for the tower later this year, a person familiar with the matter said.

    The Port Authority is guaranteeing the bond payments for 4 World Trade, meaning the agency would be responsible for repayment if the tower struggles financially and Mr. Silverstein defaults.

    The bondholders who were blocking the sale complained that, under the old structure, debt service on the 4 World Trade bonds would have taken priority over their so-called general obligation bonds, eroding their value. That violated bond documents, they said, a point the Port Authority contested. The bondholder group included Fidelity Investments.

    Now, the Port Authority plans to restructure the deal and give holders of the general debt priority over the World Trade Center bonds.

    The move marks a reversal for the Port Authority, which for months had tried to convince the investors that the bond structure was legal.

    The agency sought the assistance of others and asked the Bloomberg administration to help lean on the bondholders, people familiar with discussions said. The administration demurred, believing that a political lobbying effort was unlikely to succeed, the people said.

    As recently as late August, Port Authority director Christopher Ward suggested the bondholders were misguided. He was quoted by Reuters as saying: "We think Fidelity misunderstood the fundamental structure and are fully prepared to adjust to their potential concerns."

    A Port Authority spokesman declined to explain Mr. Ward's comments.

    Should the bond sale indeed go ahead without objections from the investors, it would likely occur no earlier than mid-October, a person familiar with the matter said.

    Mr. Silverstein also has the rights to develop two other towers, both of which depend on him finding tenants and some private financing.

    Copyright ©2011 Dow Jones & Company, Inc. All Rights Reserved.

  10. #1660

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    Averting the work stoppage is important, but what does this mean now for the 4WTC bonds? Which are more valuable?

  11. #1661
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    Since the Port Authority is unlikely to default, it really doesn't make a difference. As the article noted, bond yields have dropped through the floor in the last 6 months. That will more than offset the adjustment in repayment priority.

  12. #1662
    Forum Veteran Daquan13's Avatar
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    This is nuts!! Here we go again.

    When will this crap ever cease? What stark-raving idiocy!!

  13. #1663

  14. #1664
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    Dr. scumonkey, what is the prognosis?

  15. #1665

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    Quote Originally Posted by Daquan13 View Post
    This is nuts!! Here we go again.
    Do you understand what it's about?

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