NEW YORK | 200 Greenwich - 2 WTC | 1,270 FT | 80 FLOORS | ON HOLD - Page 141

blacktrojan3921 · #**2801** Posted **Nov 2, 2013, 8:21 AM**

Quote:

Originally Posted by Guiltyspark

Why can related offer office space at cost?

I imagine it is related to how much it would cost to actually build the building, as it is projected to cost around $3 billion.

BiggieSmalls · #**2802** Posted **Nov 2, 2013, 4:09 PM**

Quote:

Originally Posted by Guiltyspark

Why can related offer office space at cost?

Ill take a stab at this.. Hudson Yards (Related) can offer commercial space at cost because it is part of a larger development including High end residential. If they can get the Commercial filled up at a smaller profit -- or at cost -- they can build the residential portion sooner which has a larger profit margin.

The Coach Building and the proposed northern tower are the first towers to rise at Hudson Yards so Related wants to get them accounted for to move the project forward..

With respect to WTC2 200 Greenwich - It is the last piece of a development and is likely where Silverstein will ultimately make his money. I doubt the Government tenant is paying market rate for their space in WTC4 which was the first part of Silverstein's development. Well WTC 7 was but you get the idea.

Guiltyspark · #**2803** Posted **Nov 2, 2013, 4:52 PM**

Quote:

Originally Posted by BiggieSmalls

Ill take a stab at this.. Hudson Yards (Related) can offer commercial space at cost because it is part of a larger development including High end residential. If they can get the Commercial filled up at a smaller profit -- or at cost -- they can build the residential portion sooner which has a larger profit margin.

The Coach Building and the proposed northern tower are the first towers to rise at Hudson Yards so Related wants to get them accounted for to move the project forward..

With respect to WTC2 200 Greenwich - It is the last piece of a development and is likely where Silverstein will ultimately make his money. I doubt the Government tenant is paying market rate for their space in WTC4 which was the first part of Silverstein's development. Well WTC 7 was but you get the idea.

Thank you. That makes sense.

mrnyc · #**2804** Posted **Nov 3, 2013, 4:03 PM**

yo biggie thx for that -- very helpful

NYguy · #**2805** Posted **Nov 5, 2013, 11:59 AM**

Quote:

Originally Posted by Guiltyspark

Why can related offer office space at cost?

Related has always said it intends to make money on the residential side of that development. Silverstein meanwhile doesn't have that luxury with this development. He is also leasing this space from the Port Authority.

Streamliner · #**2806** Posted **Nov 14, 2013, 5:51 PM**

Sorry if this is a very old topic, but I was under the impression that 2WTC would rise a few floors above street level to form a podium, similar to how 3WTC looks now. Why did they cap it at street level? Did they scrap their plan to build out the podium?

Source: http://ny.curbed.com/archives/2009/0...38_stories.php

NYC GUY · #**2807** Posted **Nov 14, 2013, 8:23 PM**

Quote:

Originally Posted by Streamliner

Sorry if this is a very old topic, but I was under the impression that 2WTC would rise a few floors above street level to form a podium, similar to how 3WTC looks now. Why did they cap it at street level? Did they scrap their plan to build out the podium?

Source: http://ny.curbed.com/archives/2009/0...38_stories.php

They aren't building two podiums they are building the full towers 3 WTC will resume construction early next year and 2 WTC is waiting for a tenant.

drumz0rz · #**2808** Posted **Nov 15, 2013, 6:01 PM**

I'm not sure when, but the plan to build 2 WTC into a stump was scrapped. I think it was only a proposal by the Port Authority and I don't think Silverstein was on board. 3 WTC has been under construction continuously and will likely begin rising again in early 2014. I guess they just figured that it wasn't very cost effective to build 2 into a stump (which would have probably taken until 2015) to open for some stores for a few years at most before they'd have to close the stores, evict the tenants and resume construction. It was a lot easier to just cap things at street level and wait. Hopefully they won't be waiting too long.

NYguy · #**2809** Posted **Nov 28, 2013, 4:55 PM**

^ There was never really a plan for that. There is no money to build tower 2 beyond what is already there now.

k31thw

N830MH · #**2810** Posted **Dec 2, 2013, 5:39 AM**

Quote:

Originally Posted by NYguy

^ There was never really a plan for that. There is no money to build tower 2 beyond what is already there now.

How they will get more money? Do they still have enough financial?

Guiltyspark · #**2811** Posted **Dec 2, 2013, 5:48 PM**

Quote:

Originally Posted by N830MH

How they will get more money? Do they still have enough financial?

Pirate treasure.

King DenCity · #**2812** Posted **Dec 2, 2013, 11:53 PM**

^and cookies!

NYguy · #**2813** Posted **Dec 3, 2013, 7:00 AM**

Quote:

Originally Posted by N830MH

How they will get more money? Do they still have enough financial?

The same way everyone else gets it - financing.

N830MH · #**2814** Posted **Dec 14, 2013, 4:46 AM**

Quote:

Originally Posted by NYguy

The same way everyone else gets it - financing.

I'm guess that they have wait in a few months when they gets the money. They will start to built.

ILNY · #**2815** Posted **Dec 14, 2013, 5:12 AM**

Quote:

Originally Posted by N830MH

I'm guess that they have wait in a few months when they gets the money. They will start to built.

It's not the money problem but lack of anchor tenant that prevents this tower from getting build. It will be some time (few years?) before it starts rising.

JayPro · #**2816** Posted **Dec 16, 2013, 10:31 PM**

It's been roundaboutly suggested (esp. IIRC by NYGuy) that once/if the tantalizing piece of news surrounding WTC3/175G's scoring an anchor tenant becomes official, it might not be long till this one does as well.
Anyway, it's not as if we don't have a ton of other things to watch rise. Two completely new swaths of supertalls are on the way; and the resurgence of MidTown East starting next year will be nothing short of exciting (Hell, we already have what looks to be the area's signature supertall, plus a practical shoo-in of a height increase for 425Park).

NYguy · #**2817** Posted **Dec 17, 2013, 1:41 AM**

Quote:

Originally Posted by JayPro

It's been roundaboutly suggested (esp. IIRC by NYGuy) that once/if the tantalizing piece of news surrounding WTC3/175G's scoring an anchor tenant becomes official, it might not be long till this one does as well.

It wasn't that long ago when it looked like Citigroup could be the potential anchor tenant for this tower. Things didn't work out that way, but we don't know who's knocking on the door. These Manhattan proposals are always being looked at, you never know whan an anchor tenant will find it the right fit. When the WTC becomes less of a construction/ghost town, and more of the busy, working part of lower Manhattan that it will be, this site becomes much more attractive.

NYguy · #**2818** Posted **Dec 19, 2013, 9:23 PM**

It's official, Citigroup won't be coming here....still a good deal for Downtown though.

http://online.wsj.com/news/articles/...68222192473120

Citigroup Said to Sign Lease to Stay in Lower Manhattan

By Eliot Brown
Dec. 19, 2013

Quote:

Citigroup Inc. has signed a long-term lease to stay in its main Lower Manhattan office, striking a 2.6 million square-foot deal with landlord SL Green Realty Corp., according to multiple people briefed on the deal.

Citigroup's lease at 388-390 Greenwich Street—a two-building complex in TriBeCa—marks one of the largest leases ever in Manhattan. The lease extends Citigroup's presence in the building until 2035, people said.

The bank's old lease expired in 2020. The TriBeCa location is Citigroup's largest office in New York. The bank's headquarters are at 399 Park Ave.

The deal comes after a long search by Citigroup in which the bank considered moving to a new tower at the World Trade Center, or a new tower at the Hudson Yards.

The bank today houses its investment bankers, traders and others in the property. Citigroup, which will do a massive overhaul of the space, plans to move employees from other New York locations to the complex once it is completed.

asharmaearth411 · #**2819** Posted **Dec 24, 2013, 4:38 AM**

Follow the Recent Development and Progress at the New World Trade Center Site!

http://youtu.be/G1TGcJZSTPI

Significant Progress is being made at the WTC site everyday! Exclusive (Late December, 2013 - Early January, 2014 Update) Special.

| Merry Christmas and Happy New Year 2014! |

hunser · #**2820** Posted **Feb 12, 2014, 10:48 AM**

Not good news, thejacko5, who is with the industry, states:

Quote:

rumblings about the various structural packages going out for re-budgeting....

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My opinion is that the tower will be value engineered. I mean what else can we expect? Just take a look at what happened to 1 and 3WTC. 4WTC is already very minimalistic, so there was nothing to scratch.

So my guess for 2WTC:
1. cheaper looking cladding
2. redesign of the diamonds
3. height reduction (~1,250ft)

Otherwise the tower won't go off the ground.