NEW YORK | 175 Greenwich St. | 1,170' Pinnacle / 1,080' Roof | 80 FLOORS - Page 140

MrSlippery519 · #**2781** Posted: **Aug 9, 2012, 12:11 PM**

Quote:

Originally Posted by Silverfox

I think the longer they wait for this one the harder it will be to get tenants. If they build the tower sooner rather than later, companies may find a physical, existent tower more attractive than buildings that are in proposal stages. I would say that if they want towers 2 and 3 to be leased, they should have them built before rivals get off the ground or it'll be trouble.

That is easy to say when you are not the one putting up the money, truthfully the issue now is getting WTC1 and 4 completed with tenants moved in. Once that starts to happen and the area changes from a construction zone to a working zone you are going to see this leased without a problem....I would be shocked to see it happen this year though expect 2013 before we hear anything on a lease for 3

TechTalkGuy · #**2782** Posted: **Aug 9, 2012, 12:17 PM**

Quote:

Originally Posted by MrSlippery519

That is easy to say when you are not the one putting up the money...

That is so true !!

It's too easy to be an armchair critic around here -- no talent required.

I challenge the armchair critics (you know who you are) to make a wealthy donation to Larry Silverstein or NYguy to help get the funding they need to continue construction.

Tadd · #**2783** Posted: **Aug 9, 2012, 12:51 PM**

Quote:

Originally Posted by fish

challenge the armchair critics (you know who you are) to make a wealthy donation to Larry Silverstein or NYguy to help get the funding they need to continue construction.

It would be interesting if we could buy a fraction of a building as individual investors where we'd get a percentage of the take from a lease if/when the building go leased. That way if 2,000,000 of us each bought a square foot for a thousand $ they could proceed with construction and then we could individually hold the investment and get some of the rent, or sell the investment either back to the builder or on the open market. I'm not all that knowledgeable about investments to know how this is done but I remember talking with somebody about buying a fraction of a shopping mall back in the 90s. This seems a whole lot more meaningful than a shopping mall!

Just thinkin.

TechTalkGuy · #**2784** Posted: **Aug 9, 2012, 12:56 PM**

If anyone can organize this, count me in !!
I'd (obviously) nominate NYguy to organize this and discuss with the officials at Silverstein Properties.

RoldanTTLB · #**2785** Posted: **Aug 9, 2012, 3:54 PM**

There's no good way to say this, but if it were predictably profitable for Towers 2 and 3 to be built by REITs, it would be happening. 11TS is the most (and one of the only) recent examples of a speculative office tower. It was built largely with money from pension funds. It's not working out great.

That said, these buildings are way WAY ahead of any of the other major space coming to market. Permits don't just file themselves, and then there's the demo and digging and on and on. There just aren't that many large blocks of contiguous square footage available, and even less in brand new office towers. The real trick will be if and when the damnd for it is there.

NYguy · #**2786** Posted: **Aug 9, 2012, 5:08 PM**

Quote:

Originally Posted by Silverfox

I think the longer they wait for this one the harder it will be to get tenants. If they build the tower sooner rather than later, companies may find a physical, existent tower more attractive than buildings that are in proposal stages.

That's just the thing. There will be no existent buildings in this class because office towers aren't built on spec in New York. There must be a tenant before any of these towers are built. That towers 1 and 4 got built had a lot to do with the site and insurance proceeds, of which Silverstein has no more. Were this a new complex being built, you wouldn't have seen any of these towers built before a tenant was found. As far as leasing space, it will take longer to fill the WTC space Downtown than it will take to fill the same amount of space in Midtown. For one thing, that's because Downtown is much smaller, and it takes longer to absorb the space. For another, the majority of companies will be looking to Midtown for space. As I've said before, look at the last time this much space was built Downtown, and you would have to go all the way back to the late 60's, early 70's, when the original complex was built. And even then it took a couple of decades for Downtown to absorb the space.

The advantange here is that a year or two is shaved off the construction time because the is no need for site prep, and the base will be already built.

soulcapn · #**2787** Posted: **Aug 10, 2012, 4:16 PM**

Looking at the KPI TV cam, it looks like they are deconstructing the jumping forms near the north west side. Bummer, Looks like we are headed for a hold at 7 stories. Not to say they couldn't get their tenants and continue. But it looks like the road we are headed down for now.

http://www.video-monitoring.com/cons...itv/silver.htm

Davidsam52 · #**2788** Posted: **Aug 10, 2012, 6:45 PM**

What about this idea that hasn't been floated before.....SELL the building as an office condominium!! Why not?!

Dac150 · #**2789** Posted: **Aug 10, 2012, 6:50 PM**

The financial industry will experience another wave of layoffs over the next six months. This is really the issue - the loss of headcount means firms have no immediate need for new or additional space at this time. This particular tower is designed for a financial.

NYguy · #**2790** Posted: **Aug 11, 2012, 10:52 PM**

Quote:

Originally Posted by soulcapn

Bummer, Looks like we are headed for a hold at 7 stories. Not to say they couldn't get their tenants and continue. But it looks like the road we are headed down for now.

They are NOT going to build higher unless a tenant is signed by the end of next year. That's the plan, has been the plan for a long time now.

mudpig

babou95 · #**2791** Posted: **Aug 12, 2012, 1:17 AM**

sorry but i don't really understand, you say they didn't build the tower if no one "buy" offices ? what is this shit ?!

JayPro · #**2792** Posted: **Aug 12, 2012, 2:32 AM**

Forgive me if the tenor of this post lends itself to more than a bit of exasperation...but I'm really starting to wonder at this point what the difficulty seems to be for some to grasp the concept as has been explained, dissected and reworded many times over.
It's really, really, really simple:

Think of "Field of Dreams" in reverse...or "Towers of Dreams", if you like:

"If they come, you will build it."

The "they" is anchor tenants, and big-name ones at that.

The "you" is Larry Silverstein and the PA.

What's more, this same principle applies to Tower 2 as well.

Furthermore, there's still a decent amount of time for all this to happen, barring a global economic meltdown.

It just cannot be spelled out more clearly than that.

PhillyToNYC · #**2793** Posted: **Aug 12, 2012, 6:18 PM**

Thank you! I am so tired of the same question being asked on every page! How its this "new" information to anyone with an internet connection?

uaarkson · #**2794** Posted: **Aug 14, 2012, 12:32 AM**

Think about it folks. Not everyone who wanders here from the far reaches of the internet are the kind who sit around reading curbed all day. I guarantee you the majority of users who ask this question are newly registered and live outside the USA. All we can do is tell them their question has been answered before or answer it again for them. There will always be someone who hasn't been clued in yet.

We really need a F.A.Q. page for high-profile projects on this forum.

Dac150 · #**2795** Posted: **Aug 14, 2012, 1:55 AM**

Quote:

Originally Posted by uaarkson

We really need a F.A.Q. page for high-profile projects on this forum.

Or perhaps some just need to do a little digging in these threads . . .

For me, part of the fun in the beginning was being self-educated on different projects by reading through the pages. There's nothing wrong with questions, however the redundancies can grow tiresome, especially for a project that has you 'on edge' for new headlines / updates.

NYguy · #**2796** Posted: **Aug 16, 2012, 2:43 AM**

From www.wtc.com (Joel Woolhead - August 1, 2012)

Davidsam52 · #**2797** Posted: **Aug 17, 2012, 9:01 PM**

For Tower 3 it continues to be a good news/bad news scenario. The good: more and more podium steel is being erected, looking real good on the west and south flanks. The bad: more and more core formwork is being removed, so it's looking more and more likely there will indeed be a pause in construction once the podium is finished....unless of course Larry finds a tenant pronto!!

JZeig1 · #**2798** Posted: **Aug 17, 2012, 9:55 PM**

Quote:

Originally Posted by fish

That is so true !!

I challenge the armchair critics (you know who you are) to make a wealthy donation to Larry Silverstein or NYguy to help get the funding they need to continue construction.

Dude I hear you on that, but if any petition needs to be started, it's for 2 WTC. I'm just saying. At least this one is in process of being completed. They just gave up on 2...

viewguysf · #**2799** Posted: **Aug 18, 2012, 8:00 AM**

Quote:

Originally Posted by Dac150

Or perhaps some just need to do a little digging in these threads . . .

For me, part of the fun in the beginning was being self-educated on different projects by reading through the pages. There's nothing wrong with questions, however the redundancies can grow tiresome, especially for a project that has you 'on edge' for new headlines / updates.

Agreed--in this and many threads!

NYguy · #**2800** Posted: **Aug 18, 2012, 1:30 PM**

Quote:

Originally Posted by Davidsam52

The bad: more and more core formwork is being removed, so it's looking more and more likely there will indeed be a pause in construction once the podium is finished....unless of course Larry finds a tenant pronto!!

They have at least a year's worth waiting (if no tenant is found) before Silverstein puts the tower on hold officially. We already know the tower is not expected to rise higher in that time. I don't know many more ways to say it.