[Otie]

Joe Woolhead (http://www.joewoolhead.com/home/blog/)

1.
http://www.joewoolhead.com/home/wp-content/uploads/2011/09/4J9Z6037-650x433.jpg

2.
http://www.joewoolhead.com/home/wp-content/uploads/2011/09/4J9Z6211-650x433.jpg

3.
http://www.joewoolhead.com/home/wp-content/uploads/2011/09/4J9Z8140-650x433.jpg

4.
http://www.joewoolhead.com/home/wp-content/uploads/2011/09/IMG_5876-650x433.jpg

5.
http://www.joewoolhead.com/home/wp-content/uploads/2011/09/4J9Z5232-433x650.jpg

6.
http://www.joewoolhead.com/home/wp-content/uploads/2011/09/IMG_8431-650x433.jpg

7.
http://www.joewoolhead.com/home/wp-content/uploads/2011/09/IMG_0726-650x433.jpg

8.
http://www.joewoolhead.com/home/wp-content/uploads/2011/09/IMG_3886-650x433.jpg

9.
http://www.joewoolhead.com/home/wp-content/uploads/2011/09/IMG_8553-650x433.jpg

[dwntwnr]

I went to Open House York this weekend with tours at the memorial and 7WTC and got a few interesting bits of info. According to the marketing rep from Silverstein:

1) They anticipate streets being done in 2013 in time for 4WTC to open (1 WTC won't open until 2014)

2) If financing goes according to plan, towers 3 & 4 will be done in 2015, though she didn't give any hint as to whether there are any prospective tenants lining up

3) Podiums are definitely being built for both towers. They are being reviewed by architects to figure out how to cap the podiums if need be so that retail can be accessible (she made a comparison to PA bus terminal. Yikes.)


Now as a disclaimer, these things aren't out of the mouth of Larry, but since it was a marketing rep, I would trust that this is the info they're telling prospective tenants.

[detroitmetro101]

http://www.flickr.com/photos/ebroughton/6255314074/sizes/l/in/photostream/
http://farm7.static.flickr.com/6214/6255314074_523b7c3cb4_b.jpg
courtesy of NYguy


hey guys, does the yellow and white cranes on the tower 3 site mean that it is ahead of tower 2 in construction,or maybee thats the train station.

[rjb001]

I went to Open House York this weekend with tours at the memorial and 7WTC and got a few interesting bits of info. According to the marketing rep from Silverstein:

1) They anticipate streets being done in 2013 in time for 4WTC to open (1 WTC won't open until 2014)

Did you get tower 1 and 4 mixed up here? Last I heard, 1WTC is opening in 2013. It's closer to completion than 4 WTC.

[dwntwnr]

Nope. Thats what I asked her and she repeated that T4 was 2013 and T1 was 2014....

However, something to consider: Silverstein now is only in charge of developing towers 2, 3, and 4 so they don't have a direct hand in T1 anymore and maybe her info isn't up to date. In any case it sounded like she knew what she was talking about as she had a thoughtful answer for every question I barraged her with.. We shall see, no?

[rjb001]

Nope. Thats what I asked her and she repeated that T4 was 2013 and T1 was 2014....

However, something to consider: Silverstein now is only in charge of developing towers 2, 3, and 4 so they don't have a direct hand in T1 anymore and maybe her info isn't up to date. In any case it sounded like she knew what she was talking about as she had a thoughtful answer for every question I barraged her with.. We shall see, no?

It just doesn't seem right to me though. Tower 1 will be finished in 2013 is what anyone on here would say. I mean, even the curtain wall is taller than 4 WTC right now.

[RoldanTTLB]

But going much slower. They're at a floor every 3 days on the T4 curtain wall. It also only has 20 more floors of steel, and they're going up faster too. It's also also unknown what sort of delays are happening because of the base change on T1.

[CoolCzech]

I went to Open House York this weekend with tours at the memorial and 7WTC and got a few interesting bits of info. According to the marketing rep from Silverstein:

1) They anticipate streets being done in 2013 in time for 4WTC to open (1 WTC won't open until 2014)

2) If financing goes according to plan, towers 3 & 4 will be done in 2015, though she didn't give any hint as to whether there are any prospective tenants lining up

3) Podiums are definitely being built for both towers. They are being reviewed by architects to figure out how to cap the podiums if need be so that retail can be accessible (she made a comparison to PA bus terminal. Yikes.)




Where does 2 WTC figure in all this? Good grief, these maroons won't finish that before 2021? 2 decades since 9/11? :(

[NYguy]

Where does 2 WTC figure in all this? Good grief, these maroons won't finish that before 2021? 2 decades since 9/11? :(

No one knows an exact timetable because most of it depends on the market and financing. Relax.


http://www.downtownexpress.com/?p=3845

Port, Silverstein say W.T.C. construction is on track

October 19, 2011
BY ALINE REYNOLDS

Tower Three is progressing equally well, Williams said, and is being built differently from Towers Two and Four. The building’s concrete core is being built out prior to the floors and steel framing. The tower’s concrete is now above grade, said Williams, and the second floor will be finished by the end of October.

[Patapsco]

taken October 20, 2011 from 30th floor One liberty Plaza

http://farm7.static.flickr.com/6033/6265057732_2cedc984b9_b.jpg

[steveve]

http://www.flickr.com/photos/ebroughton/6255314074/sizes/l/in/photostream/
http://farm7.static.flickr.com/6214/6255314074_523b7c3cb4_b.jpg
courtesy of NYguy


hey guys, does the yellow and white cranes on the tower 3 site mean that it is ahead of tower 2 in construction,or maybee thats the train station.

this is OT, but tower 4 is casting a serious shadow over the memorial plaza... aren't there shadow concerns? especially when tower 5 is built, the plaza is gonna be completely cast over a shadow at certain times during the day,

[Roadcruiser1]

It's suppose to be like that. The design allows the new towers to look back and protect the site of the former Twin Towers.

[animatedmartian]

this is OT, but tower 4 is casting a serious shadow over the memorial plaza... aren't there shadow concerns? especially when tower 5 is built, the plaza is gonna be completely cast over a shadow at certain times during the day,

There's nothing anyone can do about it now. But I think on the plus side, all the reflected light off the towers will at least keep it from being as shadowy as a normal Manhattan canyon.

[sterlippo1]

It's suppose to be like that. The design allows the new towers to look back and protect the site of the former Twin Towers.

not to mention the fact that shadows aren't stationary;):jester::jester:

[MadGnome]

this is OT, but tower 4 is casting a serious shadow over the memorial plaza... aren't there shadow concerns? especially when tower 5 is built, the plaza is gonna be completely cast over a shadow at certain times during the day,

Did you expect them to level lower Manhattan so there would never be shadows?

[Don098]

NYC is known for shadows...:shrug: they go hand in hand with skyscrapers.

[Roadcruiser1]

True, but still they are supposed to protect the site of the former Twins.

[steveve]

Did you expect them to level lower Manhattan so there would never be shadows?

i've got nothing against the shadows, nor skyscrapers for that matter... i was just wondering why/if there were any people protesting against it, a lot of times, urban planners/the city protects open spaces from shadow concerns (Toronto City Hall for example)

[NYguy]

If there are skyscrapers, there will be shadows. BTW, trees also cast shadows and shade.

But we are here to disucss...

Caryn La Greca (http://www.flickr.com/photos/carynlagreca/6272407681/sizes/l/in/photostream/)

http://farm7.static.flickr.com/6112/6272407681_34a5431305_b.jpg

[GarCastle]

If there are skyscrapers, there will be shadows. BTW, trees also cast shadows and shade.

But we are here to disucss...


Can't the builders just install 10,000 watt sodium lights that flood the street with light? (and maybe leave them on at night too, that should make the local residents joyous LOL)

[Otie]

Joe Woolhead's blog (http://www.joewoolhead.com/home/2011/10/20/workers-september-2011-part-2/)

http://www.joewoolhead.com/home/wp-content/uploads/2011/10/IMG_68031-650x433.jpg

http://www.joewoolhead.com/home/wp-content/uploads/2011/10/IMG_62051-433x650.jpg

http://www.joewoolhead.com/home/wp-content/uploads/2011/10/IMG_6245-650x433.jpg

[uaarkson]

People will find literally anything to bitch about.

[Patapsco]

Taken October 30, 2011 from 30th floor one Liberty Plaza

http://farm7.static.flickr.com/6054/6296357807_4f3b862c1f_b.jpg

[NYguy]

christineascheller (http://www.flickr.com/photos/14581928@N05/6294678058/sizes/l/in/photostream/)

http://farm7.static.flickr.com/6113/6294678058_c9e8057492_b.jpg

[NYguy]

Kovansky (http://www.flickr.com/photos/25726796@N05/6308090776/sizes/l/in/photostream/)

http://farm7.static.flickr.com/6098/6308090776_b662ea7900_b.jpg

[NYguy]

http://www.dnainfo.com/20111107/downtown/construction-worker-falls-at-world-trade-center-site

Construction Worker Hurt in World Trade Center Fall

http://assets.dnainfo.com/generated/photo/2011/11/1320697333.JPG/image640x480.jpg

November 7, 2011
By Sonja Sharp and Amy Zimmer

A construction worker fell about 20 feet from a scaffold at the World Trade Center site Monday, the FDNY said. The worker, who was not identified, was working on Silverstein Properties' Tower 3 when he fell at about 2:15 p.m., according to the FDNY and sources. The worker was taken to Bellevue, fire officials said. His condition was not immediately known.

A worker at the site who asked not to be identified said the victim was a member of a cement and concrete workers union.

"I saw him going up," said another worker, who claimed the victim slipped on a wood plank before falling. "He was laughing with the EMT, so I don't think he's hurt too bad."

http://assets.dnainfo.com/generated/photo/2011/11/1320698194.JPG/image640x480.jpg

[steveve]

my sister took this over the weekend from the millennium, 3WTC core in the lower-left corner,

http://farm7.static.flickr.com/6224/6327187374_39421b6578_b.jpg

[NYguy]

From wtc.com (Joe Woolhead)

http://www.pbase.com/nyguy/image/139501314/large.jpg



http://www.pbase.com/nyguy/image/139501314/original.jpg



http://www.pbase.com/nyguy/image/139501317/large.jpg



http://www.pbase.com/nyguy/image/139501317/original.jpg

[NYguy]

NOVEMBER 18, 2011


http://www.pbase.com/nyguy/image/139754164/original.jpg



http://www.pbase.com/nyguy/image/139754166/original.jpg



http://www.pbase.com/nyguy/image/139754168/original.jpg



http://www.pbase.com/nyguy/image/139754169/original.jpg



http://www.pbase.com/nyguy/image/139754170/original.jpg



http://www.pbase.com/nyguy/image/139754171/original.jpg

[THE BIG APPLE]

I've never heard of the Sorbara Construction Corp until seeing this rise.

[Roadcruiser1]

I've never heard of the Sorbara Construction Corp until seeing this rise.

http://sorbaraconstruction.com/

This company is responsible for Tower 3, the Transportation Hub, and the Museum Pavillion at the World Trade Center.

[THE BIG APPLE]

It's ok you don't have to tell me. I've already been to their website.

[Otie]

Joe Woolhead (http://www.joewoolhead.com/home/)'s blog (http://www.joewoolhead.com/home/2011/11/16/site-photos-october-2011/)

http://www.joewoolhead.com/home/wp-content/uploads/2011/11/IMG_0848-688x458.jpg

http://www.joewoolhead.com/home/wp-content/uploads/2011/11/4J9Z9728-650x433.jpg

http://www.joewoolhead.com/home/wp-content/uploads/2011/11/IMG_0352-650x433.jpg

http://www.joewoolhead.com/home/wp-content/uploads/2011/11/IMG_0736-650x433.jpg

http://www.joewoolhead.com/home/wp-content/uploads/2011/11/IMG_0821-650x433.jpg

http://www.joewoolhead.com/home/wp-content/uploads/2011/11/IMG_0848-650x433.jpg

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http://www.joewoolhead.com/home/wp-content/uploads/2011/11/4J9Z9315-650x433.jpg

[Patapsco]

taken from One Liberty Plaza - 30th floor

http://farm7.staticflickr.com/6034/6374547467_fec17eaf26_b.jpg

http://farm7.staticflickr.com/6094/6374547029_62ed13ee1a_b.jpg

http://farm7.staticflickr.com/6101/6374550773_a0c1694170_b.jpg

[SkylineFan]

Rise baby, rise!!

[animatedmartian]

http://farm8.staticflickr.com/7002/6409191475_1c86a429a7_b.jpg (http://www.flickr.com/photos/thomas_lans/6409191475/)
WTC NY (http://www.flickr.com/photos/thomas_lans/6409191475/) by thomas_lans (http://www.flickr.com/people/thomas_lans/)

[TBone7281]

This might be my favorite of the WTC towers. Nice to see it progressing some.

[Ed007Toronto]

Nice shots from above.

[NYguy]

NorcrossMedia (http://www.flickr.com/photos/norcrossmedia/6439133535/sizes/l/in/photostream/)

http://farm8.staticflickr.com/7172/6439133535_8ddc00364c_b.jpg

[Otie]

WTCProgress (https://www.facebook.com/wtcprogress) on Facebook

https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash4/374356_213747805369132_109423129134934_470053_1996177157_n.jpg

[NYC4Life]

WTC 4 just looks so massive in that last shot. Makes WTC 1 and WTC 7 look pencil thin in comparison.

[upNaway]

where are all the perimiter columns for the tower ? I did hear it was being built a diffrent way from 1 wtc, 4 wtc and 2wtc, But im still trying to understand how it will be done, Can anyone give me some info ? thanks.

[NYguy]

http://lowermanhattan.info/construction/project_updates/world_trade_center_tower_91861.aspx

*The following information was last updated on December 9, 2011.

-Sub-grade steel superstructure work active since April 2011; crane on site

-Erecting forms, rebar, and concrete placement for decks and walls

-Utilities installation

-The tower's lower podium will reach full height in spring 2012

[jsr]

http://www.wtc.com/media/images/r/35_33_T3_Base-Scheme_Tower-Floor.jpg

What are the approximate length and width dimensions of the floors above the podium?

[NYC GUY]

When it says lower podium does it mean the whole podium?

[Roadcruiser1]

When it says lower podium does it mean the whole podium?

Yes.

[NYguy]

http://www.downtownexpress.com/?p=5563

Silverstein Properties Pres, Janno Lieber, goes on the record

http://www.downtownexpress.com/wp-content/uploads/2011/12/pg-2-Lieber-pic.jpg

December 21, 2011

D.E.: According to previous announcements by Silverstein Properties, 4 W.T.C. is scheduled to open in 2013; and 2 and 3 W.T.C. are to be completed by 2015. Are you on schedule with all three towers?

Four W.T.C. will be completed by 2013. Three W.T.C. should be up by 2015; although; we do have one milestone to hit: We need to get a 400,000-square-foot tenant in order to get a financing backstop that makes sure we will complete that building. So, that’s a question mark, and it’s a major priority of Silverstein Properties. Two W.T.C. will be brought to sidewalk level in 2012, but the final completion is uncertain. It’s not getting any government credit backstop; so right now, we need a tenant or a new financing scheme. We’re very hopeful that some big company will want to occupy it, but that could happen in 2016 or later.

Are there any leasing prospects at the moment for 3 W.T.C.?

It wouldn’t be fair to suggest anything is imminent, but we’re very optimistic, as there are real tenants out there who would satisfy the 400,000 square feet pre-leasing agreement.

What about 2 W.T.C.?

There are a few big companies — “mega” tenants, if you will — that are in the marketplace. That’s as much as I’ll say at the moment. If and when a deal is happening, I’m sure you’ll be on to it.

Could a delay in the completion of W.T.C. 3 and 2 disrupt future connectivity at the site?

No. Below-grade connectivity will be maintained, since the underground retail will be open through the concourses. The retail above-grade comes on line as each of the buildings are finished.

[TBone7281]

:previous: Considering that as president part of his job is to give off an air of confidence, this is not particularly confidence inspiring.

[Dac150]

:previous: Considering that as president part of his job is to give off an air of confidence, this is not particularly confidence inspiring.

Frankly I rather him be straight forward . . . what do you want him to say? Overall they seem 'optimistic' given the amount of companies that are looking for space . . . that's really all he can say.

[TBone7281]

Frankly I rather him be straight forward . . . what do you want him to say? Overall they seem 'optimistic' given the amount of companies that are looking for space . . . that's really all he can say.

I agree, I'd much rather him shoot straight than to lie about how things are going. Just saying that it's his job to put a positive spin on things so it's possible that the situation isn't even as rosy as he's portraying it. It'd be much better if the was saying that people were fighting over space and they didn't have enough room (if it was true). Obviously, the market doesn't bear that so it isn't realistic.

[NYguy]

Joel Woolhead, via wtc.com

http://www.pbase.com/nyguy/image/140509304/large.jpg



http://www.pbase.com/nyguy/image/140509304/original.jpg

[Otie]

When it says lower podium does it mean the whole podium?
Yes.

No, when it says lower podium it refers to the lower podium. 4rth and 5th floors contain mechanical equipment for the Transportation Hub and the Vehicle Security Center roadway network, those mechanical floors devide the podium in 2: lower and upper; PA's responsible to build the lower section, everything above is in Silverstein's hands.


http://www.wtc.com/media/images/r/35_33_T3_Base-Scheme_Tower-Floor.jpg

What are the approximate length and width dimensions of the floors above the podium?

The footprint of a typical office floor is 200' by 198'. :tup:

[NYC GUY]

^^^
Okay Thanks.

[RobertWalpole]

I did not realize that they only need to lease 400k sf to start 3 WTC. They'll probably offer a tenant space at a below-market rate like $70/sf to get it started. One law firm could swallow that sPace. Maybe Milbank will.

[yankeesfan1000]

Here's (http://www.observer.com/2011/real-estate/milbank-chased-out-downtown-digs) a quick read on Milbank, they're current in JP Morgans building but it looks like Milbank will have to find a new home. The article indicates Milbanks potentially looking at 350,000 sf. If my limited knowledge of law firms serves me right, NY law firms are constantly looking for new space, see 250 W 55th leasing 900,000 sf of its 1M sf to law firms, so I'm surprised no ones jumped here. Even a PE firm could eat up a mere 400,000 sf.

I can't imagine there are more than a two or three vacant spaces of 500,000 sf. Hope to hear some good news soon.

[Roadcruiser1]

Remember earlier this year when Citibank said they needed room and they were considering the World Trade Center? I wonder what happened to that. If I remember correctly they were looking for about 1 million square feet of office space. So something is bound to happen with them.

Here is the link
http://www.bloomberg.com/news/2011-06-14/citigroup-said-to-explore-leasing-offices-at-world-trade-center-site.html

[yankeesfan1000]

Yeah Citi would make a lot of sense at the WTC given that they have a handful of different addresses just in Manhattan and could consolidate a bit.

The interview that NYGuy posted, post 2347 in this thread, the guy from Silverstein refers to several "mega tenants" when asked about possible tenants for tower 2, and I'd be willing to bet that Citi would fall into that category.

I'm willing to bet that a tenant is found for this tower before it gets put on hold, I'm not as optimistic for tower 2 though, with the Hudson Yards, unless one of these mega-tenants, like Citi, signs.

[Dac150]

Financials are the ideal tenants, yet are also tricky ones when the industry is going through waves of layoffs . . .

To give you guys some background as to why UBS opted out of the WTC, they were offered a better deal at their current location in Weehawken . . therefore decided to extend their lease there. Their city locations will likely remain as is as well . . . the only possibility of a 'move' is if they decide to consolidate into 299 Park.

Firms like Citi, SocGen, BNYM, BofA ML are all in the same situation and likely have options on the table to stay-put with a discounted rate.

[RobertWalpole]

Yeah Citi would make a lot of sense at the WTC given that they have a handful of different addresses just in Manhattan and could consolidate a bit.

The interview that NYGuy posted, post 2347 in this thread, the guy from Silverstein refers to several "mega tenants" when asked about possible tenants for tower 2, and I'd be willing to bet that Citi would fall into that category.

I'm willing to bet that a tenant is found for this tower before it gets put on hold, I'm not as optimistic for tower 2 though, with the Hudson Yards, unless one of these mega-tenants, like Citi, signs.ß

I agree. T2 will require a very large lease at around $100/sf to get off the ground and that won't happen for at least 3 years with the "cheap space" being offered by Related.

[Dac150]

^^^^ And don't forget discounted rates for lease extensions . . . again, 'space' may not be ideal however it plays second fiddle to cost savings . . . even if it's temporary.

[Patapsco]

taken december 24, 2011

http://farm8.staticflickr.com/7168/6571177601_97c8ee7e98_b.jpg

[The Grand Architect]

I haven't been on SSP lately- holidays keep me busy.

Here are a couple of videos that I've made but didn't have time to post them here on SSP. You might have seen them if you are subscribed to my Youtube, but for those who are not, here you go:

http://www.youtube.com/watch?v=n_8cDqXDrzA
http://www.youtube.com/watch?v=n_8cDqXDrzA
http://www.youtube.com/watch?v=TgB96rYjDOs
http://www.youtube.com/watch?v=TgB96rYjDOs
http://www.youtube.com/watch?v=DbnyhWGTuAI
http://www.youtube.com/watch?v=DbnyhWGTuAI

If you haven't already, subscribe to my Youtube at www.youtube.com/CombatArmsElite

[CalibratedZeus]

http://farm8.staticflickr.com/7006/6598806799_5aa539644e_b.jpg (http://www.flickr.com/photos/67172991@N06/6598806799/)
DSC_0428 (http://www.flickr.com/photos/67172991@N06/6598806799/) by calibratedzeus (http://www.flickr.com/people/67172991@N06/), on Flickr

http://farm8.staticflickr.com/7151/6598797491_19b0bfc91e_b.jpg (http://www.flickr.com/photos/67172991@N06/6598797491/)
DSC_0379 (http://www.flickr.com/photos/67172991@N06/6598797491/) by calibratedzeus (http://www.flickr.com/people/67172991@N06/), on Flickr

http://farm8.staticflickr.com/7002/6598787563_ba2cfe505c_b.jpg (http://www.flickr.com/photos/67172991@N06/6598787563/)
DSC_0352 (http://www.flickr.com/photos/67172991@N06/6598787563/) by calibratedzeus (http://www.flickr.com/people/67172991@N06/), on Flickr

http://farm8.staticflickr.com/7014/6598784875_2f3532489b_b.jpg (http://www.flickr.com/photos/67172991@N06/6598784875/)
DSC_0348 (http://www.flickr.com/photos/67172991@N06/6598784875/) by calibratedzeus (http://www.flickr.com/people/67172991@N06/), on Flickr

[NYguy]

Nice photos.

[NYguy]

http://online.wsj.com/article/SB10001424052970203462304577136874271587102.html?mod=WSJ_NY_RealEstate_LEADNewsCollection

3 World Trade Center
Developer: Silverstein Properties Inc.

Outlook: Fair

The third building slated to rise at the World Trade Center site, the base of the planned 2.8 million square foot 3 World Trade Center is already under construction.

But based on a deal struck for a public-sector-financing package in 2010, construction won't continue above the first few floors of retail space until Larry Silverstein, the 80-year-old developer, finds tenants for at least 400,000 square feet.

That's going to be tough, given the other office development under way at the World Trade Center site. There's already about 5 million square feet of space being built but tenants have signed commitments for only half of that.

[NYC4Life]

^^ Being that 7 WTC is the only completed tower so far, I still consider that good news. More tenants will surely sign up as more office space is completed.

[colemonkee]

Interesting to see the concrete core rise above the steel. Not the norm for New York.

[NewYorker2009]

Interesting to see the concrete core rise above the steel. Not the norm for New York.

Tower One did the same thing when it first started rising towards street level so this must be doing the same thing until everything hits street level.

[crewex]

On the plaza side of the building, it seems to have reached grade, but on the other side it's the floor is still clearly below grade. Is that the ground level they are working on or is there another floor before that?! How is that going to look?

[NYguy]

On the plaza side of the building, it seems to have reached grade, but on the other side it's the floor is still clearly below grade. Is that the ground level they are working on or is there another floor before that?! How is that going to look?

I think mayber you're talking about the difference in elevation, which is higher on the Church Street side.


http://www.bluemelon.com/photo/18602/1513947-T1200800.jpg

[crewex]

ahh, that actually explains it, thanks for the pic. I never noticed the concrete stairs in the background. So this is it, no more new levels. Any bets on the first beam? And is earthcam offline?!??

[NYguy]

^ The tower is to rise at least as high as what you see in the pic, those first five floors will be built. Anything after that depends on a tenant signing.


JANUARY 6, 2012


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[NYguy]

truthinpassingx (http://www.flickr.com/photos/14333661@N03/6662492537/sizes/l/in/photostream/)

http://farm8.staticflickr.com/7030/6662492537_55750e1533_b.jpg

[THE BIG APPLE]

Lets say hypothetically that 80 year old Larry Silverstein dies. Then will the outlook go from fair to zero for this building?

[Roadcruiser1]

Lets say hypothetically that 80 year old Larry Silverstein dies. Then will the outlook go from fair to zero for this building?

Silverstein owns a company called Silverstein Properties. They leased the World Trade Center for 99 years from the Port Authority back in July 2001. So even if Silverstein dies the land would still be owned by his company for the next 88 years or so, and even if he does die the architects and the engineers to the current buildings are still alive so they will get them built.

[speedy1979]

Lets say hypothetically that 80 year old Larry Silverstein dies. Then will the outlook go from fair to zero for this building?

That would depend on how vigorously the executor of his estate fights to complete it.

[THE BIG APPLE]

Larry only has his wife who is really close in the company. What the hell does an architect and engineer have to do to complete a building. Architects design the building for someone, engineers make the building stable in all the categories.

[Brian Dino Vabec]

If he has a company than he has someone who will step on his spot when he's gone..It's a company, a team, not Larry alone..

[NYguy]

Larry only has his wife who is really close in the company.

Not true. His son and daughter is involved with the company, (she's the force currently behind 30 Park). Anyway, Silvertein has been close to naming a succesor
http://www.observer.com/2011/12/silverstein-succession-plan-comes-into-focus-with-co-ceo-announcement/

In the strongest sign yet that 80-year-old Silverstein Properties chief executive Larry Silverstein is seriously considering a succession plan, a former president of Artisan Real Estate Ventures has been tapped as the World Trade Center owner’s co-chief executive, it was announced last week.

Martin Burger, who previously served as president and chief executive of Artisan Real Estate Ventures before joining Silverstein Properties in 2010, will now spearhead new ventures in China, Eastern Europe and Florida, where most recently he led an effort to secure financing for the Four Seasons Resort Orlando at Walt Disney World Resort.

Mr. Silverstein, meanwhile, will continue to oversee the historic redevelopment of the World Trade Center along with World Trade Center Properties president Janno Lieber. Mr. Lieber manages all aspects of the effort to rebuild at the World Trade Center site.


http://www.downtownexpress.com/?p=5563

So, why did Larry appoint a co-C.E.O.? Is he starting to scale back his work schedule?

No: Larry is working his tail off. He’s [still] very, very present, he’s just taking a very responsible approach to planning for the future of the company, which recently doubled its staff, let stand growing geographically and in its breadth of projects. If you’re going to continue to grow and expand, you need to raise more capital as well. That was something that Larry always did personally, and now he’s got a great, new, young partner to help him with that.


http://www.silversteinproperties.com/company-profile/executive-team/larry-a-silverstein

Larry and Klara Silverstein have been married for more than fifty four years and have three children, two of whom are executives at Silverstein Properties. Mr. Silverstein contributes his time and resources to organizations that are dedicated to education and medical research, meeting humanitarian needs and supporting the arts. He is a classical music enthusiast, a passionate yachtsman and a dedicated New Yorker.

[THE BIG APPLE]

^ Initally I was going to put the kids in my post, but I mostly had recollection of his wife being second in command in the company after him.

[Surrealplaces]

Nice to see this one rising. :tup:

[NYguy]

^ Initally I was going to put the kids in my post, but I mostly had recollection of his wife being second in command in the company after him.

Doesn't matter. The company will go on. The WTC is just one of many developments ongoing or planned for them, though the most important obviously. There are obligations to be satisfied.

[599GTO]

Lets say hypothetically that 80 year old Larry Silverstein dies. Then will the outlook go from fair to zero for this building?

No. When he dies the outlook will remain the same, assuming the building is still at its current state (a stump). It's a big corporation and there are tons of people working with him to get the towers off of the ground. Why would the outlook change? Someone will take over and continue from where he left off.

[Otie]

http://img543.imageshack.us/img543/1589/3wtcfloorplan.jpg

[Otie]

Joe Woolhead, WTC.com

http://www.wtc.com/utils/Download.aspx?file=/uploads/images/hi-res/14_38_20111212-3WTC---Credit-Joe-Woolhead---3.jpg

[NYguy]

These towers are just so massive. We've already come a long way from the days of waiting for any sign of construction.

Still a long way to go up.

doughaslam (http://www.flickr.com/photos/doughaslam/6690289641/sizes/l/in/photostream/)

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[rjb001]

http://img543.imageshack.us/img543/1589/3wtcfloorplan.jpg

Could someone maybe outline in red the parts of this diagram that are currently what we see above grade? It's hard to tell what we're looking at.

[asharmaearth411]

Embark this Special '3' Part Series and Follow the Recent Development and Progress at the New World Trade Center Site!

http://www.youtube.com/watch?v=a0QYuOm4_Is

Significant Progress is being made at the WTC site everyday! Exclusive (Late December, 2011 - Early January, 2012 Update) Special.

Happy New Year Everybody! - Cheers!
- ASharmaEarth411HD :cheers:

[Ed007Toronto]

Looking good.

[Otie]

Could someone maybe outline in red the parts of this diagram that are currently what we see above grade? It's hard to tell what we're looking at.

That's an overhead plan, view from the top. What's rising is the core, rough dimensions at podium level.
http://img812.imageshack.us/img812/3197/coremr.jpg

Red is the core, green line marks the division betwen lower podium and upper podium. It will rise up to this line until Silverstein finds a tenant. ;)
http://img545.imageshack.us/img545/8014/blablah.png

PS. Don't take that poor rendering seriously, missing too many things like the 2nd and 3rd floorslab.

[Otie]

Joe Woolhead (http://www.joewoolhead.com)'s blog (http://www.joewoolhead.com/home/blog/).

http://www.joewoolhead.com/home/wp-content/uploads/2012/01/4J9Z6348-688x458.jpg

http://www.joewoolhead.com/home/wp-content/uploads/2012/01/IMG_5476.jpg

http://www.joewoolhead.com/home/wp-content/uploads/2012/01/IMG_8820.jpg

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http://www.joewoolhead.com/home/wp-content/uploads/2012/01/IMG_0577.jpg

[NewYorkSkyline117]

so steel will start going up soon possibly?

[babybackribs2314]

Photo taken by me on Thursday; it's quite visible now. 200 Greenwich is still below the fencing (mostly) but this is definitely starting to be noticed.

Full update/more pics:

http://newyorkyimby.blogspot.com/2012/01/new-wtc-construction-update.html

http://img9.imageshack.us/img9/4271/wtc29.jpg

[NYguy]

Just read, this is going on hold by the end of the year if no tenant is found.

[NYguy]

http://www.crainsnewyork.com/article/20120122/REAL_ESTATE/301229973/1009

Silverstein to call a halt at 3 WTC
Unable to line up tenants, developer to cap his second Trade Center tower at seventh floor.

http://www.crainsnewyork.com/apps/pbcsi.dll/storyimage/CN/20120122/REAL_ESTATE/301229973/AR/0/Larry-Silverstein.jpg&q=100&MaxW=800

By Theresa Agovino
January 22, 2012



Developer Larry Silverstein is planning to halt construction by the end of the year on the second of the two towers he is currently building at the World Trade Center site if he can't find a major office tenant, sources close to the company said. Minor modifications have already been made to the ongoing construction of the tower that will allow it to be capped at the seventh floor—73 short of its planned height. Retail tenants would be sought for the seven-story podium.

If Mr. Silverstein finds a tenant before the tower is capped, he can go ahead and complete what will be known as 3 World Trade Center, although there might be some delays, depending on when the deal is struck.

Despite a host of government incentives to lure firms to lower Manhattan, Mr. Hennessy estimates that a 400,000-square-foot tenant would need to spend about $100 million just to outfit an office. Faced with those kinds of costs in a lackluster economy, Mr. Hennessy said, it's likely that more companies might opt to renew their current leases. Morgan Stanley, for example, has been searching for months for between 1 million and 1.4 million square feet. Now, sources said, the bank is very close to renewing its lease at 1 New York Plaza and taking some additional space there, which would be a much more cost-effective option.

While other big companies—including Time Warner, News Corp. and Credit Suisse—continue to prowl the market for huge digs, their ranks are thinning. Last year, the number of tenants seeking more than 100,000 square feet tumbled 23%, from 74 to 57, according to Cushman & Wakefield Inc.

Sources say Mr. Silverstein's tower has an advantage over other planned projects for now: Tenants can actually see the start of the building and visit the World Trade Center site. In contrast, except for one building, Related has to build a huge platform over the rail yards before it can start construction, as does Brookfield. That requires tenants with the imagination to envision the finished product and the confidence to take a chance that the neighborhood can be successfully transformed into a premier office market.

[Inv3rted]

:(

At least it'll be built eventually.

[Alliance]

Very true. Just not now. Remember they only recently got enough tenants to fully finance 4WTC at the end of last year. They'll build the podium and then stop and, for better or worse, this tower will be under construction within 6 months to a year (depending on how much Silverstien wants to continue subsidizing rents). I doubt it'll be longer than a year. If it is they should fire their broker lol.

[1Boston]

I think they can do it by the end of the year. As long as the eurozone doesn't collapse and screw us over, i think we can do it. If starts to pick up the pace, as it seems to slowly be doing, then i think they will see a few more companies in the market for new office space.

[Dac150]

Remember - this is nothing we didn't already know. Keep your fingers crossed that a tenant will be located within a few months. If that's not the case we'll just have to wait a tad longer for this one to fully rise. There are a lot of companies hungry for new space - it's literally only a matter of time until a match is found.

[NYguy]

There are a lot of companies hungry for new space - it's literally only a matter of time until a match is found.

That's true, and there is a limited amount of top supply. New towers are on the way, but they aren't in the ground yet. This one is already visible.

Last year, the number of tenants seeking more than 100,000 square feet tumbled 23%, from 74 to 57, according to Cushman & Wakefield Inc.


That's still a pretty good amount. I'm sure Silverstein won't want to stop - rebuilding the WTC is now his life's mission, and I'm sure he would like to see it out - but it will depend on market response.

If Mr. Silverstein finds a tenant before the tower is capped, he can go ahead and complete what will be known as 3 World Trade Center, although there might be some delays, depending on when the deal is struck.