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Made this video last weekend; driving down the West Side Highway next to Ground Zero

• Video Link

Quote:

Originally Posted by Lecom (Post 4980838)

Made this video last weekend; driving down the West Side Highway next to Ground Zero

• Video Link

GS looks great! :tup:

http://online.wsj.com/article/SB1000...111757600.html

Liberty Bonds Stalled
Delay Could Drive Up 1 WTC Costs

http://sg.wsj.net/public/resources/i...0912170020.gif

By ELIOT BROWN
SEPTEMBER 13, 2010

Quote:

As the city's tallest skyscraper One World Trade Center rises, it awaits approval for what will be the final $700 million piece of a generous incentive program meant to spur rebuilding in Lower Manhattan.

There is only one problem: The federal legislation authorizing the tax-exempt Liberty Bond program has been expired for more than eight months.

While the tower's developer, the Port Authority of New York and New Jersey, has expressed confidence that Congress will pass legislation extending the program, a failure to do so could add tens of millions of dollars onto One World Trade Center's total cost.

Sen. Charles Schumer plans to vote on a package of tax extenders when Congress renews its session this week. "If necessary I will seek an extension for Liberty Bonds through 2011 so that all available financing options exist for the rebuilding of Ground Zero," he said in a statement.

The Liberty Bond program was first passed in the wake of the 2001 terrorist attack as a means of encouraging developers to return to downtown. In successive years it spread around tax exemptions on $8 billion in debt to help build more than a dozen apartment towers and office buildings.

The bulk of the financing approvals were made years ago on projects such as the new Goldman Sachs tower, which received $1.65 billion in tax-free bonds, and a large set of residential towers that helped fill out Battery Park City. By the time the legislation expired at the end of December, every major project in the program had received financing other than One World Trade Center.

Now, the reauthorization legislation, which only calls for an extender through December, has languished in the Senate after passing the House as part of a larger bill late last year. While Port Authority officials had initially hoped the program would be extended months ago, it is part of a large package of tax extenders that have been unable to pass through both houses of Congress as of yet.

"We're working hard with our Congressional delegation to ensure an extension is in place in time to utilize the bonds most cost effectively for One World Trade Center, and we're confident that we will receive the extension," said Stephen Sigmund, a Port Authority spokesman.

The Port Authority expects it will need to sell the tax-free bonds by late next year to complete the financing on the $3.1 billion tower. Given the agency estimates that the interest rates on Liberty Bonds debt are about 1% lower than standard taxable debt it would receive, should there never be a reauthorization of the program, the agency would spend about an additional $7 million a year in interest costs over the course of the $700 million loan with standard taxable debt.

The delay in the reauthorization would seem to vindicate a decision made by the developer of three other World Trade Center towers, Larry Silverstein. Rather than roll the dice with Congress, Mr. Silverstein opted to pay a small premium to sell his $2.59 billion in Liberty Bonds and place them in an escrow account just before the legislation expired.

This fall, Mr. Silverstein is planning to refinance those bonds with a $1.36 billion bond sale tied to his 4 World Trade Center, which has commitments for two-thirds of its space from government tenants. The bond sale isn't expected to be a tough one given that even if Mr. Silverstein defaults, the Port Authority has agreed to keep paying off the loan.

Can anybody tell me what their building across from burger king.thanks

Quote:

Originally Posted by robby68 (Post 4981759)

Can anybody tell me what their building across from burger king.thanks

WTC4 . Welcome robby.

:tup: Skyscraperpage is the best internetsite of the world!

Quote:

Originally Posted by Onn (Post 4981112)

GS looks great! :tup:

what is "GS" ? .......Goldman Sachs?

got a nice video here of the rebuild

• Video Link

^^^That'll make for some canyon.

the video i posed up earlyer there is a bit that shows u rebar for the core and it looks like they are changing the shape of the core can anyone clarify this ?

Quote:

Originally Posted by sterlippo1 (Post 4981846)

what is "GS" ? .......Goldman Sachs?

Yup. :)

Quote:

Originally Posted by upNaway (Post 4982130)

the video i posed up earlyer there is a bit that shows u rebar for the core and it looks like they are changing the shape of the core can anyone clarify this ?

I didn't see anything in the video, but the shape of the core does change as the height increases.

Floor 75:
http://img.photobucket.com/albums/v4...tc/floor75.jpg

Observation deck:
http://img.photobucket.com/albums/v4...wtc/Obdeck.jpg

I love the Goldman Sachs building. Great addition to downtown and strenghtens the WTC area.

has construction resumed?

this has probably been said before, but these pictures don't the sheer hugeness of this building justice. if you have the time, and you're in or around NYC, stop by to get the real sense of scale.

Quote:

Originally Posted by meh_cd (Post 4982450)

thanks meh_cd that helps alot and the part i was talkin about was at 37 secs on the video thanks anyways

:previous:
Love the photo with the crane shadows/reflections on 7 WTC :tup:
Hoping to get to NYC in December and take some pics. It should be nicely poking up in the skyline by then...

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