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NYguy Jan 23, 2009 6:43 PM

NEW YORK | 5 World Trade Center | FT | FLOORS
 
http://www.observer.com/2009/real-es...s-go-elsewhere

$61 M. Up for Grabs Downtown with JPMorgan Tower 'in Hiatus'
Port Authority offers incentives once slated for investment bank's new WTC site digs


http://www.observer.com/files/imagec...organtower.jpg

by Eliot Brown
Jannuary 23, 2009

It’s been 10 months since anyone involved in Lower Manhattan development took seriously JPMorgan Chase’s pledge to build itself a new 40-story investment banking headquarters across from the World Trade Center site. The financial titan’s shotgun marriage with a dying Bear Stearns last winter seemed to mostly kill the deal, as Bear Stearns had its own, newer midtown skyscraper for investment bankers, and JPMorgan was apparently less than eager to spend $3 billion on a new building it didn’t need.

But ever since, both JPMorgan and the Port Authority, which owns the site, have been coy about the status of the non-binding deal, with neither party having any incentive to announce its demise. (JPMorgan said it will not build an investment banking headquarters, but has said it still intends to use the site.)

Now, while holding to the line that JPMorgan could still build, the Port Authority on Thursday opened up some $61 million in tax credits intended for the financial firm to anyone who will take them. The subsidy, $5 per square foot off the rent for 750,000 square feet of space, can go to any business that takes space anywhere at the World Trade Center site or at site 5.

“What this is doing is reallocating it site-wide,” said Chris Ward, the Port Authority’s executive director. “There had obviously been an earlier discussion with site 5 and its availability for JPMorgan Chase. While that transaction is currently in hiatus, we thought it was important to make clear that it would be available to any commercial tenant who wanted to come downtown.”

So who will take it?

“Obviously, in this market right now, we’re talking to anyone who would like to be a tenant at 1 World Trade Center,” Mr. Ward said (he was referring to the Freedom Tower, a name officials have tried to phase out with little luck). “Whoever’s listening, if this rental credit is of good value, please come talk to us.”

The Freedom Tower is furthest along in construction, and it’s unclear what’s to happen with the three planned Larry Silverstein-owned towers to be built at the site.

A Port Authority spokeswoman e-mailed in response to some followup questions that "JPMC can still tap this incentive if we complete a deal but until deal is completed these credits should be available to the full spectrum of interested private tenants."

A JPMorgan spokesman declined to comment.

Busy Bee Jan 23, 2009 6:53 PM

Surprise-Surprise

Dac150 Jan 23, 2009 7:22 PM

I can't imagine what JPM will be using that site for (if for anything). They practically fill three or so buildings on Park Avenue, The Bear Stearns Building, and have offices in LIC.

photoLith Jan 23, 2009 7:24 PM

Quote:

Originally Posted by Dac150 (Post 4043677)
I can't imagine what JPM will be using that site for (if for anything). They practically fill three or so buildings on Park Avenue, The Bear Stearns Building, and have offices in LIC.

lol, its the same in Houston. JP Morgan Chase occupies two buildings. The only supertall in H town and an older art deco building.

As for the design on this building. I dont like it whatsoever.

Dac150 Jan 23, 2009 7:45 PM

^^^ It really is somewhat funny though, because the HQ of JPM is practically made up of the first four boxes of Park, North of MetLife. Plus their LIC offices and the essentially brand new 385 Madison. It's a large company (some 250,000 employees), but large enough to fully occupy yet another highrise?

I think if anything they want to buy the plot and possibly hang on to in until the market is better and the demand is back, only to sell it to a company for a higher price then what they paid. But I don't think the PA would allow that, would they?

NYguy Jan 24, 2009 12:39 PM

Quote:

Now, while holding to the line that JPMorgan could still build, the Port Authority on Thursday opened up some $61 million in tax credits intended for the financial firm to anyone who will take them. The subsidy, $5 per square foot off the rent for 750,000 square feet of space, can go to any business that takes space anywhere at the World Trade Center site or at site 5.

“What this is doing is reallocating it site-wide,” said Chris Ward, the Port Authority’s executive director. “There had obviously been an earlier discussion with site 5 and its availability for JPMorgan Chase. While that transaction is currently in hiatus, we thought it was important to make clear that it would be available to any commercial tenant who wanted to come downtown.”
I think this is just the beginning of the end of JPMorgan's involvement with the site. But with the state of demolition on site, there hasn't really been a huge push to get this moving forward.

That $5 per sf discount can also go to Larry Silverstein's towers.

Scruffy Jan 24, 2009 7:18 PM

They are going to have a hard enough time to fill out the towers in the current economy. this may be heresy but i say we delay building tower 5. finish tearing down the deutche bank and leave a cleared spot for a future tower 5. Unless they want to go back to the residental plan. it wouldn't be as ackward a plan as when previously proposed since there will be a 60 story residential hotel directly behind it about to open. the W

Lecom Jan 24, 2009 7:38 PM

Something tells me they'll just fence off the site for a few years as soon as Deutsche Bank Tower is gone.

Dac150 Jan 24, 2009 7:41 PM

I think the space needs to be reserved for an office tower. Whether it comes right away is yet to be determined given the current market conditions. However, it is clear that in some point in time this will come to pass and commercial space will be in high demand. When that point comes there needs to be space in Lower Manhattan that can fill the demand. A fifth office tower is more practical in long term sense.

speedy1979 Jan 24, 2009 10:00 PM

Quote:

Originally Posted by Lecom (Post 4045494)
Something tells me they'll just fence off the site for a few years as soon as Deutsche Bank Tower is gone.

Or they could make it a temporary park/plaza where people could sit and take pictures of the freedom tower.:tup:

CoolCzech Jan 25, 2009 2:20 AM

I'd rather hold off on this tower and see 1 thru 4 completed in a timely manner. There's not much doubt something will be built on this site at some point, so why squander financial incentives on it now, when at the moment the PA at least seems to believe towers 2 and 3 are in peril?

Scruffy Jan 25, 2009 11:50 PM

Quote:

Originally Posted by speedy1979 (Post 4045718)
Or they could make it a temporary park/plaza where people could sit and take pictures of the freedom tower.:tup:

the problem with leaving it as a temp park is later when you are ready to build on it, there will be all sorts of madness about how we are taking away a park from downtown. even if it was always planned as temporary. You can name the park Temporary Park and there will still be protests when you try to build upon it in the future

NYguy Jan 27, 2009 1:14 PM

Quote:

Originally Posted by Dac150 (Post 4045499)
I think the space needs to be reserved for an office tower.

Yeah, it should be reserved for an office tower, even though the plan has shifted a couple of times to residential. But it should remain office. Keep in mind that tower 5 won't be replacing what was on site, but rather is space shifted from the WTC site.

Thymant Feb 12, 2009 3:10 AM

There is no other company that is interested in occupping this tower?

NYguy Feb 12, 2009 6:34 AM

Quote:

Originally Posted by Thymant (Post 4082503)
There is no other company that is interested in occupping this tower?

Not at the moment, no.

NYguy Feb 13, 2009 12:58 AM

Small blurb in the press....
http://www.1010wins.com/Half-Built-V...conomy/3840958

Several hotel projects in jeopardy may be redesigned as apartments or offices, where financing may be more readily available, Miller said. World Trade Center site planners have re-imagined one of five planned towers as an apartment complex and an investment banking tower; the tower hasn't even broken ground.

philvia Feb 13, 2009 3:53 AM

i think residential there would be nice :shrug:

sask1982 Feb 13, 2009 6:43 AM

I think they need to focus on deconstructing the old Deutche Bank first. Once that is gone (what...in 2 years maybe? at this rate...?) and the site is cleared then they can start dreaming of what to build there.

Nomadd22 Feb 13, 2009 1:01 PM

Quote:

Originally Posted by sask1982 (Post 4085117)
I think they need to focus on deconstructing the old Deutche Bank first. Once that is gone (what...in 2 years maybe? at this rate...?) and the site is cleared then they can start dreaming of what to build there.

Less than one year. They're just focusing on remediating the old tower completely this time before they take it down. Once the interior and asbestos is gone the frame will come down in no time.
Will Larry hold the lease on this one? If the lease doesn't include the office space from WTC5 I think they'd have a pretty good case for making it residential.

NYguy Feb 13, 2009 1:17 PM

Quote:

Originally Posted by Nomadd22 (Post 4085321)
Will Larry hold the lease on this one? If the lease doesn't include the office space from WTC5 I think they'd have a pretty good case for making it residential.

This one remains in the hands of the Port Authority, and technically its not on the WTC site - which is why they were able to talk of residential in the past. But it should remain commercial, or at least mixed-use.


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