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  #1  
Old Posted Dec 9, 2005, 2:29 PM
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Smile NEW YORK | 123 Washington (4 Albany St) | 631 FT / 192 M | 56 FLOORS | T/O

From The Real Deal...


4 Albany Street

Developer Joseph Moinian is expected to start laying the foundation soon for a soaring hotel and condo building on the vacant site. The tower will be 468 feet high – the equivalent of a 46-story residential building – and have 38 floors, according to a plan recently filed with the city Department of Buildings, the Daily News reported. There will be 77 apartments on the top 11 stories, and 232 hotel rooms on the floors below.
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Old Posted Dec 9, 2005, 9:51 PM
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According to the NYSUN and Lowermanhattan.info this building will have 53 storeys.

Additionally the architect is Gwathmey Siegel and construction is supposendly set to start before the new year.

Silverstein Faces Some Competition For Liberty Bonds

BY DAVID LOMBINO - Staff Reporter of the Sun
December 9, 2005
URL: http://www.nysun.com/article/24196

Developer Larry Silverstein has some serious competition for the tax-exempt Liberty Bonds he wants to use to rebuild the World Trade Center site - in the form of an application from developer Joseph Moinian for $147 million in tax-exempt bonds to build a 53-story, mixed-use hotel and residential condominium tower about a block south of ground zero.

Mr. Moinian's $240 million project, which includes 440,000 square feet, 220 hotel rooms, and 180 residential condo units, appears to fall more in line with Mayor Bloomberg's vision for more mixed-use development in Lower Manhattan. Construction is ready to begin immediately and could be completed by 2007, according to Mr. Moinian.


The address of the Moinian building would be 123 Washington St., now an empty lot. The site, adjacent to the Deutsche Bank building now being dismantled, was affected by the September 11, 2001, attacks but not as severely as the Silverstein site.

Andrew Alper, the president of the city's Industrial Development Agency, the agency that distributes the bonds, indicated that the city, state, and Mr. Moinian have discussed $50 million in bonds, considerably less than the developer's original proposal. The bonds would essentially finance the hotel portion of the development. Should Mr. Moinian not receive the bonds, the project will be built as luxury condos.

Yesterday, Mr. Moinian, whose firm says it already controls 14 million square feet of Manhattan real estate, said his application was not intended to compete with the redevelopment of ground zero. "I want nothing more than to see Silverstein succeed in developing the World Trade Center site, I have no doubt that he will get this done. My request has been to add to and complement the site, Silverstein's project, and to the heart of Lower Manhattan, bringing a beautiful structure and a first class hotel to the area, including permanent jobs."

Both developers' Liberty Bond applications were submitted in April. Mr. Moinian's bonds could come out of Mr. Silverstein's request for all $3.35 billion remaining of the Liberty Bonds that were authorized by Congress after the attacks of September 11, 2001.

Yesterday the city held a public hearing over Mr. Silverstein's application to use all of the remaining Liberty Bonds to replace the 10 million square feet of commercial office that was lost when the World Trade Center was destroyed. The financing from the bonds would supplement insurance proceeds from the terrorist attacks that could amount to $4.65 billion.

Mr. Alper yesterday said that the city would negotiate over the weekend with Mr. Silverstein, with the goal of settling on the terms and conditions of a bond allocation before a potential vote on Tuesday. "We don't have many disagreements with Larry Silverstein," he said.

In an effort to add more flexibility to a long-term deal and hedge some of the risk from depleting the entire Liberty Bond arsenal, Mr. Alper said the city is trying to add "claw-backs" that would allow the city to take back the bonds and redistribute the tax-exempt financing to other development projects if certain construction benchmarks are not met.

Mr. Alper noted that one potential future use for the bonds was to help develop a retail component at ground zero, a task that belongs to the Port Authority, but no application has been filed. He also said the city wanted to make sure that Mr. Silverstein's developer's fee is not "too excessive."

Yesterday the senior vice president of Silverstein's World Trade Center Properties, John Lieber, downplayed the differences between the city and the developer. "The big issue has been resolved. The city wanted a commitment to an aggressive schedule and we agreed," Mr. Lieber said. He said the savings in finance costs generated from the Liberty Bonds would permit the developer to build the project "as fast as engineering can allow."

Yesterday's public hearing over Mr. Silverstein's application lasted nearly two hours and contained passionate testimony both for and against Mr. Silverstein's proposal. More than 20 civic leaders and private citizens used a variety of economic, political, moral, and logistical arguments to try to influence the board members of the IDA in advance of its vote. The co-chair of Battery Park City United, David Stanke, said the mayor's suggestion of taking control of the site from Mr. Silverstein "feels like eminent domain - taking the rights of a private developer and giving it back to the government."

The chairman of the West Street Coalition, John Dellaportas, said it was immoral to use the Liberty Bonds for any purpose other than "filling that hole." He said that the city was unfit to tell a private developer how he should spend his money. "History will record that Osama bin Laden destroyed the World Trade Center and Michael Bloomberg kept it from being rebuilt," he said.

If the vote on the bonds is delayed beyond the scheduled meeting Tuesday, a resolution may have to wait until regularly scheduled monthly board meetings in January, February or beyond.
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  #3  
Old Posted Dec 9, 2005, 11:37 PM
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53 stories now. I wonder if that means 53 stories or 530 feet...
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Old Posted Dec 13, 2005, 3:05 PM
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Site of the planned residential tower...

DECEMBER 11, 2005







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  #5  
Old Posted Dec 22, 2005, 4:47 AM
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Moinian Group plans condo tower near Ground Zero





21-DEC-05

The Moinian Group is hoping to build a 53-story mixed-use tower one block south of Ground Zero at 123 Washington Street that would include 180 residential condominium apartments and 220 hotel rooms.

It applied to the New York Industrial Development Agency last April for $147 million in Liberty Bonds for the project.

Daphne Mayer Viders, a spokesperson for the Moinian Group, told CityRealty.Com today that the application is still pending and that a decision from the agency is expected soon.

Ms. Viders indicated that if the funding from the agency is not forthcoming, the developer plans to proceed with a hotel component, but she added that the configuration of the project might be reduced.

The agency has also received an application from the Silverstein Group for all of the available Liberty Bond financing for his redevelopment of the former World Trade Center site and recently Governor Pataki said that at least half of it would go to Mr. Silverstein’s project.

Mr. Silverstein recently announced that Sir Norman Foster would design a second commercial tower at the site where the Freedom Tower is planned.

In a statement released by the Moinian Group, Joseph Moinian, the group’s chief executive officer, declared that he wants “nothing more than to see Larry Silverstein and Silverstein Properties succeed in developing the World Trade Center site,” adding that he had “no doubt that he will get this done.”

He noted that Lower Manhattan currently has only 2,500 hotel rooms and “desperately needs additional hotel rooms.”

The Moinian project, now in excavation, is adjacent to the south side of the former Deutsche Bank Building, which is in the process of being demolished. The Deutsche Bank skyscraper was severely damaged in the terrorist attacks of September 11, 2001 that demolished the World Trade Center.

The hotel portion of the Moinian project will occupy the lower 25 floors of the planned 53-story building, which is being designed by Gwathmey Siegel & Associates.

Ms. Viders said that the $240 million project is ready to start and could be completed in 2007. Tishman Construction is committed to the construction of the building. The Singer & Bassuk Organization is providing financial consultation with additional funding backed by Starwood Capital.


Copyright © 1994-2005 CITY REALTY
     
     
  #6  
Old Posted Dec 22, 2005, 4:48 AM
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We need to change the title... It is 53 storeys, not 38.
     
     
  #7  
Old Posted Dec 22, 2005, 11:23 AM
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^Done!

Great rendering too, tho compared to the new WTC towers it won't seem anywhere near that tall.
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  #8  
Old Posted Dec 22, 2005, 8:15 PM
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whats up with beekman tower? all these buildings in downtown i keep hearing about, including the wtc obviously, and downtown is totally transformed in a few years.
     
     
  #9  
Old Posted Dec 23, 2005, 2:19 PM
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If they get the Liberty Bonds looks like this building with 15 additional sotires will be well over 600 ft. based on my quick estimation.
     
     
  #10  
Old Posted Dec 23, 2005, 11:33 PM
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Quote:
Originally Posted by Antares41
If they get the Liberty Bonds looks like this building with 15 additional sotires will be well over 600 ft. based on my quick estimation.
Maybe not quite 600 ft, but its a good addition...
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  #11  
Old Posted Dec 31, 2005, 11:22 PM
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W hotel on Washington won’t be as easy as 1, 2, 3





By Ronda Kaysen
Downtown Express
Volume 18 • Issue 33 | Dec. 30 - Jan. 5, 2005

Larry Silverstein isn’t the only developer Downtown eyeing the remaining tax-exempt Liberty Bonds for the World Trade Center redevelopment. Another Lower Manhattan heavyweight bid for a chunk of the bonds to finance a hotel and condo project a few blocks south of the World Trade Center site, and the city appears interested in his proposal.

Developer Joseph Moinian applied for $147 million in tax-exempt bonds for a 53-story W Hotel and residential condominium at 123 Washington St. The $240 million development includes 220 hotel rooms and 180 residential condo units. The bonds would be used for the hotel portion of the building.

The property, formerly 4 Albany St., is currently an empty lot, since a 9/11 damaged building there was removed earlier this year to make way for the new development.

The city is considering giving Moinian $50 million in Liberty Bonds for the project. “It’s a good use. It’s a project that would start right away,” said Andrew Alper, president of the city’s Economic Development Corporation and chairperson of the Industrial Development Agency, which decides on the city’s Liberty Bond applications.

But Silverstein, the leaseholder for the World Trade Center site, has been pleading his case for the remaining pot of Liberty Bonds. $3.35 billion in triple-tax free Liberty Bonds remain for commercial use. Earlier this month, Governor George Pataki tapped $1.67 billion for Silverstein. Silverstein maintains he needs all the remaining bonds to finance the build out of the Trade Center.

“Financing certainty on this entire project is going to expedite this entire project,” Janno Lieber, Silverstein’s senior vice president, told Downtown Express earlier this month.

The $50 million that may go to 123 Washington represents a small percentage of Silverstein’s bond application and it is unclear how vigorously the W.T.C. developer is opposing it. Silverstein declined to comment for this story.

Moinian is a major player Downtown. His company, the Moinian Group, owns Goldman Sachs’ office at 180 Maiden Lane, as well as 100 John St., 90 John St., 17 Battery Place and 20 West St., a condo conversion. Moinian was the first developer to use Liberty Bonds for a residential conversion when he transformed 90 Washington St. into a luxury rental building.

He insists his project will not obstruct Silverstein’s goals. “I want nothing more than to see Larry Silverstein and Silverstein Properties succeed in developing the World Trade Center site,” he said in a statement. “I have no doubt that he will get this done.”

The hotel will occupy the lower 25 floors of the Gwathmey Siegel-designed tower, and include meeting rooms, an ancillary spa and fitness center, a high-end restaurant and lounge and a sky lobby. It is expected to open at the end of 2007.

Moinian purchased 123 Washington St. from Deutsche Bank when it was still 4 Albany St. The original structure was demolished as part of the sale agreement. Another formerly Deutsche Bank-owned, contaminated building, 130 Liberty St., is located across the street from 123 Washington and is also being demolished to make way for redevelopment.
     
     
  #12  
Old Posted Jan 3, 2006, 4:14 PM
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Originally Posted by jularc
Not bad. It could be worse. I like that it's slender.
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  #13  
Old Posted Jan 3, 2006, 4:46 PM
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Yeah! kinda has same dimensions as the Hilton Millenium Hotel across from the FT construction, perhaps a similar height also.
     
     
  #14  
Old Posted Jan 3, 2006, 4:52 PM
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Originally Posted by Antares41
Yeah! kinda has same dimensions as the Hilton Millenium Hotel across from the FT construction, perhaps a similar height also.

I was thinking the same thing when I saw this:




Here's the Millenium on the skyline (left)...

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  #15  
Old Posted Jan 3, 2006, 10:04 PM
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very typical new york imo
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Old Posted Feb 9, 2006, 9:35 PM
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NY SUN

Dinner With the Governor
New York Sun Editorial


February 9, 2006

As the contenders for Liberty Bonds downtown were preparing for today's public meeting of the city's Industrial Development Agency, Mayor Bloomberg was having dinner with Governor Pataki - and they certainly had a lot to talk about.

The IDA is mulling a request from developer Joseph Moinian for $50 million of Liberty Bonds to help finance a hotel-condominium complex on a vacant lot next to the Deutsche Bank building in lower Manhattan. This proposal is competing for a small portion of the $1.6 billion in bonds that Larry Silverstein is trying to secure from the city to rebuild office space at ground zero. It's clear that Mr. Moinian's hotel fits into Mayor Bloomberg's vision of a "24/7" residential community in the area. It's less clear that the project fits into Mr. Pataki's.

To those who say that the outcome of this hearing will be a test of whether the city can be trusted to allocate the taxpayer-subsidized bonds for their intended purpose - rebuilding in lower Manhattan commercial space lost on September 11 - the mayor's camp says that Congress left some discretion in the allocation of these bonds.

Mr. Moinian has plans for a 53-story, 440,000 square foot structure with 220 hotel rooms and 180 luxury condominiums. He initially sought $147 million in Liberty Bonds that Congress intended for the World Trade Center, as the Sun's David Lombino reported in December, but after negotiations with the city and state, Mr. Moinian agreed to ask for only $50 million in bonds to finance the hotel portion.

In theory this removes one potential obstacle to funding the project with Liberty Bonds. Under the reduced request the bonds would only be funding the hotel portion of the project, rather than luxury condominium units, which weren't on the list of approved commercial uses Congress had in mind when it created Liberty Bonds. It doesn't take any longer to see through that dodge than it does to spell the word f-u-n-gi-b-l-e, for any grant would still amount to a $50 million partial subsidy for condominiums. But there's also the fact that no shortage seems to obtain in respect of private, market-rate financing for hotels.

More substantively, it was Mr. Silverstein who took the central risk downtown and who now owns the property rights at Ground Zero. Before September 11, there were something like 100 million square feet of prime office space downtown. Of that, 15 million square feet were lost in the attacks, while another 12.5 million square feet of office space has already been converted to residential use even without the mayor's grand plans for apartments at ground zero. Constructing enough office space to make a dent in the anticipated shortage in coming decades - Mr. Silverstein envisions building about 10 million square feet on ground zero - will prove harder to finance without the Liberty Bonds.

But what is Mr. Bloomber's logic? He is nothing if not a high-integrity public official and, since the Liberty Bonds are a public obligation, he has plenty of standing. While the Mayor was at dinner with the governor, his development czar, Daniel Doctoroff, called to say that the city would, all things being equal, prefer to allocate the bonds to Silverstein Properties. But, he said, "it's very, very clear that Silverstein Properties will run out of money unless rents go up dramatically in the next few years." And he suggested that even if the allocation to Mr. Silverstein is made, Mr. Silverstein won't be able to complete the project or use the bonds to finish the contemplated buildings.

The way Mr. Doctoroff sketches the case is to suggest looking at the situation in July 2001, when Mr. Silverstein won a competition to lease the World Trade Center from the Port Authority. It was, at the time, 96% occupied, with rents of $50 a foot. Mr. Silverstein's company had to incur debt of only $763 million. To rebuild today, Mr. Silverstein would, after all the insurance money, still have to borrow between $4 billion and $5 billion, or six times as much as before, rents are lower, and nothing's occupied. So the mayor is arguing that the right move is for Mr. Silverstein and Port Authority to strike a deal in which Mr. Silverstein gives up - not for nothing, but for a reduction in rent - two key sites, known as 3 and 4, along Church Street. And let the Port Authority get going. Mr. Doctoroff makes a "use them or lose them" argument in respect of the bonds, for which authority expires in 2009. Hence the pressure for Mr. Moinian's hotel deal.

New Yorkers might be tempted to look to Washington for a solution, but Senators Schumer and Clinton have about as much clout in the Republican congress as Lenin and Trotsky did at the Daughters of the American Revolution. Mr. Bloomberg hasn't helped by opposing the president on his court appointments and backing Democrats locally. So our guess is that the developer who took a risk on the World Trade Center two months before September 11 and the Republican mayor and governor are going to have to find a deal. We'd suggest that the next time the mayor and the governor go to dinner they bring Mr. Silverstein along, so long as they don't serve the taxpayers for desert.
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  #17  
Old Posted Apr 11, 2006, 5:26 PM
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Moinian Aims To Build Downtown Hotel Financed in Part by $50M in Liberty Bonds


By DAVID LOMBINO
April 11, 2006

Developer Joseph Moinian is aiming to break ground next month on a 53-story hotel and condominium near ground zero that could be financed in part with $50 million in Liberty Bonds - financing that Larry Silverstein is also seeking.

The city has not yet awarded the bonds to Mr. Moinian, but a city official familiar with the application said the Bloomberg administration supports his project, which it sees as a relatively inexpensive way to encourage mixed-use development in Lower Manhattan.

The official said a hotel condominium could help spur demand at ground zero, and that $50 million in Liberty Bonds is not significant enough to upset negotiations with Mr. Silverstein, who has applied for the remaining $1.67 billion of the city's Liberty Bonds.

The city has not yet awarded any Liberty Bonds to Mr. Silverstein in an effort to compel the developer to renegotiate his 99-year lease on the ground zero site.

A spokeswoman for the Moinian Group, Daphne Viders, said yesterday that the bond application is being held up because Mr. Moinian has not yet submitted all the necessary paperwork to the city. She said a luxury hotelier would partner with the developer in the project; press reports have said it will be part of the W Hotel chain.

Last April, Mr. Moinian applied for $147 million of the tax-exempt bonds. In December, the president of the agency that will award the bonds, Andrew Alper, said the city was considering awarding the developer about $50 million. That amount of tax-exempt financing could save the developer about $2 million a year versus traditional commercial financing. If Mr. Moinian is not awarded the bonds, he has said he will not build the hotel portion of his project and will just construct apartments.

Mr. Moinian's 440,000-square-foot project, estimated to cost about $240 million, is slated to rise on an empty lot behind the Deutsche Bank building, which was severely damaged in the terrorist attacks of September 11, 2001, and is now being demolished. An office tower built by Mr. Silverstein is scheduled to occupy the Deutsche Bank building site, but the site has been mentioned as a possible residential building in recent negotiations between Mr. Silverstein and the Port Authority. It also could contain a hotel.

The same month that Mr. Moinian applied for the bonds, Mr. Silverstein applied for the city's remaining allotment of Liberty Bonds, which the developer said he would use to build 10 million square feet of commercial office space in five towers.


© 2006 The New York Sun, One SL, LLC.
     
     
  #18  
Old Posted Apr 11, 2006, 6:09 PM
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Quote:
Originally Posted by Jularc[B
break ground next month [/B]
Finally...
     
     
  #19  
Old Posted May 4, 2006, 12:56 AM
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This one is already under construction.
     
     
  #20  
Old Posted Jul 13, 2006, 9:40 PM
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From curbed.com...



A Liberty Leg Up for Another Hotel in Financial District

In case you hadn't heard, the post-9/11 Liberty bond cookie jar is nuthin' but crumbs at this point, but one of the last guys to get his hand in and snag some cut-rate financing sweetness was Joseph Moinian of the Moinian Group, who plans to develop a condo/hotel tower at 123 Washington Street—below ground zero, next to the shrouded still-not-demolished-yet Deutsche Bank building at 130 Liberty.

Mssrs. Gwathmey and Siegel—they who wrought Sculpture for Living upon the world—will be sharing the role of architect; more visuals for the project than you probably needed can be seen above. Come late '07 or early '08, look for 220 rooms on 25 painfully chic floors fitted with all the trappings of another W Hotel, while 180 residential condos are completed above. Throw in a "high-end restaurant, lounge, sky lobby, ancillary spa and fitness center," and you're already giving the Millenium Hilton something to sneer at from across the way.
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