NEW YORK | 175 Greenwich St. | 1,170' Pinnacle / 1,080' Roof | 80 FLOORS - Page 138

Stained · #**2741** Posted: **Jul 27, 2012, 4:20 AM**

Quote:

Originally Posted by chris123678

It was very idiotic for Larry To purchase steel he might never use.

This and 2WTC will be built. These buildings will find tenants, but it might take a while. We have not heard anything we did not already know. Be patient everyone. I am thankful that the US does not jump into building massive buildings without guaranteed tenants. It might make things slow, but it ensures a steady stream of needed development.

sterlippo1 · #**2742** Posted: **Jul 27, 2012, 9:00 AM**

Quote:

Originally Posted by JayPro

Sure, but if you *know* that another of these monotonous false alarms is coming, you don't have to stick around and open your mouth for ppl to shove it down your throat in the first place. That's what's known in technical jargon as "gluttony for punishment".
Why can't some folks just either walk away whenever the temptation to rise to the bait presents itself, or just man up and wait for something positive to happen?

it's actually "glutton for punishment" but, yeah, i agree. I like to look at the glass half full rather than half empty,it's also good advice in life i think. 1-4-7 are just about built, 3 will follow at some point then 2

RoldanTTLB · #**2743** Posted: **Jul 27, 2012, 6:59 PM**

Wow. A couple things.

First, the steel is the cheap part of it, and if he got a good deal, you can buy and store the steel inexpensively for a long time. On top of that, he can depreciate the steel for tax purposes, and when he gets around to building the building, he'll be able to depreciate that as well (resetting the clock on the steel). Pure genius.

Second, it is NOT good that we wait for guaranteed tenants for buildings. What this actually does is create boom and bust cycles in NYC real estate that are actually much worse than they need to be. Too little is built for too long. Then, as a cycle picks up, everything is overbuilt in a race for profits from pent up demand. Then the market crashes and the last ones to finish (or never finish) are left losing money for years, some becoming eyesores. Developers get scared and stop building. Demand grows over time. Lather. Rinse. Repeat. We'd be in better shape for both housing and office space if construction were indeed steadier.

AerialView · #**2744** Posted: **Jul 27, 2012, 8:31 PM**

Hey guys ! Sorry, I haven't posted here in a while BUT here's some news : Weather Permitting, The 3rd tower crane is due on site, the first weekend in August .

http://www.lowermanhattan.info/const...wer_91861.aspx

Quote:

Tower crane to be installed in early August 2012

This new crane is probably going to help in finishing off the 7 story steel base structure on tower 3 .

Well, Things are sure kickin' into high gear !

chris123678 · #**2745** Posted: **Jul 28, 2012, 4:16 AM**

So why are they installing a crane if it's not needed?

I wish they'd just build these towers and wait for a tennant. I know it makes no sense to, but i'd just love to watch them rise

Enigmatism415 · #**2746** Posted: **Jul 29, 2012, 2:01 AM**

"...its developer, Silverstein Properties Inc, the company run by Larry Silverstein, hasn't been able to find a tenant, and he can't build any higher without one, based on a two-year-old deal with government agencies." -WSJ

How much longer until this "deal" has expired?

STR · #**2747** Posted: **Jul 29, 2012, 1:23 PM**

Quote:

Originally Posted by Enigmatism415

"...its developer, Silverstein Properties Inc, the company run by Larry Silverstein, hasn't been able to find a tenant, and he can't build any higher without one, based on a two-year-old deal with government agencies." -WSJ

How much longer until this "deal" has expired?

The year 2100.

It's a 99 year lease.

Otie · #**2748** Posted: **Jul 29, 2012, 5:51 PM**

WTC Tower #3 In The Making (2) by drizzphotogenic, on Flickr

Enigmatism415 · #**2749** Posted: **Jul 29, 2012, 6:02 PM**

So even if Larry has the money to finish 3WTC without any tenants, the government will not allow him to do so? I don't understand why such an agreement was made.

chris123678 · #**2750** Posted: **Jul 29, 2012, 6:22 PM**

When will they clad the podium portion of this tower?

Davidsam52 · #**2751** Posted: **Jul 30, 2012, 4:59 PM**

Quote:

Originally Posted by Enigmatism415

So even if Larry has the money to finish 3WTC without any tenants, the government will not allow him to do so? I don't understand why such an agreement was made.

No I don't think that's the case. The deal was if he finds a tennant(s) for 400,000 sq. ft. then the PA of NYNJ kicks in $$ to help build the tower. But if Larry decides to build it on his own with his own $$ then it's my understanding he can do so.

NYguy · #**2752** Posted: **Jul 30, 2012, 10:56 PM**

Quote:

Originally Posted by Enigmatism415

So even if Larry has the money to finish 3WTC without any tenants, the government will not allow him to do so? I don't understand why such an agreement was made.

The "deal" is that the Port Authority and the City will help Larry Silverstein with financing if he can lease the 400,000sf stipulated. Otherwise, Larry Silverstein will have to obtain financing the traditional way or the way most other office buildings are built - line up enough tenants or rent enough space to get it. The agreement with the PA is a little more generous. Nothing new or shocking about finding tenants before getting financing. Speculative office construction is very rare in Manhattan. The construction of the original complex was a huge exception to the rule - and it took years to fill the space. The only reason we are getting as much built now is because of the integrated nature of the complex.

babybackribs2314 · #**2753** Posted: **Jul 31, 2012, 2:30 PM**

Construction update from this past weekend. We can hope it rises without any problems, but who knows... I always try and compare the future 3WTC to 4 and 1 World Trade in my head and it's weird how relatively short 3WTC will be. Even when finished, the 1,000 foot tower will be dwarfed by 1WTC.

175 Greenwich Street: July 2012 Construction Update

Ed007Toronto · #**2754** Posted: **Jul 31, 2012, 3:50 PM**

It'll be completed sooner than later.

Davidsam52 · #**2755** Posted: **Jul 31, 2012, 4:19 PM**

I think NY Yimby touched on a good point....when 1WTC and 4WTC are complete (or at least nearly so) it will make the overall site more attractive to prospective tenants. Right now, the site is, except for part of the Memorial Plaza, one big construction zone, but as these first two towers are wrapped up the site will begin to transition to one of (at least partial) completion.

uaarkson · #**2756** Posted: **Jul 31, 2012, 4:37 PM**

Yes, but 3WTC even in its current state is still months if not years ahead of some other major office projects around the city. If Silverstein found an anchor tenant tomorrow, this building would be wrapping up by the end of 2015. This is potentially a huge advantage, as some big companies weigh costs vs. time when considering relocation.

NYguy · #**2757** Posted: **Jul 31, 2012, 6:26 PM**

This building is well ahead of any other competing towers, including 2 WTC, though not by a whole lot there. Consider the last time Downtown built as much office space, and you can understand why the going is slow here. It will be built, just not as quickly as everyone would like. But even the large developments in Midtown won't see all of their pieces completed at once.

TechTalkGuy · #**2758** Posted: **Jul 31, 2012, 7:36 PM**

This will be an exciting tower when it's built, but until then, complaining about it won't help.

If you really want to help, you can always make a donation to Larry Silverstein to help expedite the construction.

Davidsam52 · #**2759** Posted: **Jul 31, 2012, 7:53 PM**

Quote:

Originally Posted by fish

If you really want to help, you can always make a donation to Larry Silverstein to help expedite the construction.

ROTFLMAO!!!!!!

NYguy · #**2760** Posted: **Aug 1, 2012, 9:47 PM**

http://online.wsj.com/article/SB1000...718660610.html

Casting a Wide Net in Real-Estate Search

July 29, 2012
Laura Kusisto

Quote:

Credit Suisse is throwing wide open a competition to lead one of the largest real-estate searches in town. The Swiss bank has sent out a request for proposals to about 10 brokerage firms to lead its search for some 3 million square feet of office space in the city, according to multiple people familiar with the matter.

Credit Suisse current occupies space in 11 Madison Ave., 1 Madison Avenue and 315 Park Avenue South – all near Madison Square Park. Those leases are set to expire in 2017. The bank is looking for a broker to help them with a process similar to the one being conducted by Time Warner Inc., in which they plan not simply to look for a single new space, but to undergo a complete review of their office space requirements.

Much like Time Warner, the bank is likely to be the belle of the ball, as major developers like the World Trade Center and Hudson Yards are hoping to land major leases to help get new office towers off the ground. Time Warner, which currently occupies about 4 million square feet of space in the city, is expected to narrow down its search to some finalist buildings in the coming weeks, according to brokers and developers familiar with the matter.

Some big boys still out there.