Originally Posted by SoaringSkylines
I have a question:
Why does the construction have to wait and be halted until the building receives tenants?
The building is inevitable and will be built. So why are we having to wait for someone?
Larry Silverstein doesn't have financing to complete the tower, and will get assistance from the City and the Port Authority if he leases a minimal 400,000 square feet. Of course, if he lands a million square feet or so, he probably won't need their assistance to obtain financing. But 400,000 sf is really not a lot given the amount of space that will be available in the building. If they build with only that amount leased, it will still be a largely speculative building, but a start.