NEW YORK | 175 Greenwich St. | 1,079 FT | 80 FLOORS

[Urbanity fan]

Whatever get's the job done! Great to see that this one is finally on it's way. Just one more to go now for this site.

So many projects and proposals going on these days, lets hope the economy holds up long enough to see most of them go up.

[AJM]

Looks like a Potain MR605B, pretty substantial crane.

[chris08876]

Originally Posted by Onn

Here we go!

I share your optimism. Its been way too long. The stub almost seemed like it was going to be permanent. To see such change occur, just gives a feeling of deep satisfaction. WTC2, when that time comes, will be a big sigh of relief.

[hunser]

Originally Posted by chris08876

I share your optimism. Its been way too long. The stub almost seemed like it was going to be permanent. To see such change occur, just gives a feeling of deep satisfaction. WTC2, when that time comes, will be the biggest sigh of relief.

Corrected.

Glad they are finally installing the crane!

[weidncol]

Please know if this seems "flimsy" is because it will only be doing the jobs the crawler was doing, no steel yet. Once steel erection is ready, two more heavy-duty tower cranes will come. For now this is being installed just to help and speed up things.

[randy1991]

Crane has been installed!
shot from today

[sparkling]

By Martin Z. Braun Oct 28, 2014

Developer Larry Silverstein sold $1.6 billion of tax-exempt bonds to finance the construction of 3 World Trade Center, the largest-ever unrated deal in the municipal market.

Goldman Sachs Group Inc. (GS), which managed today’s offer, sold about $1.1 billion of senior bonds maturing in 30 years at a preliminary yield of 5 percent, or about 1.9 percentage points above benchmark debt, data compiled by Bloomberg show.

About $280 million of junior bonds due in 2034 and 2040 drew initial yields of 5.3 percent and 5.5 percent, respectively. The sale also included $231 million of 30-year subordinate debt priced at a preliminary 7.25 percent. Top-rated 30-year munis yielded 3.09 percent today, after setting a 21-month low of 2.78 percent on Oct. 16.

“They paid more yield than anything of its size in the market right now,” said Daniel Solender, head of munis at Jersey City, New Jersey-based Lord Abbett & Co.

The issue for the 69-floor tower was delayed for more than a year after the Port Authority of New York & New Jersey, which owns the 16-acre World Trade Center site, balked at guaranteeing the debt while Silverstein waited for municipal borrowing costs to decline.

Bonds for 3 World Trade Center are backed by tenant leases and rents and secured by a mortgage. New York City and state will contribute $210 million and the Port Authority agreed to let Silverstein use $159 million of insurance proceeds from a $4.6 billion payout after the Sept. 11, 2001, terror attacks.

2018 Goal

About 20 percent of the building is leased. Advertising firm GroupM is the only tenant in the 2.5 million square-foot tower, which is expected to be finished in 2018.

Bond documents cite 118 investor risks, including the possibility the tower won’t be completed, insufficient tenant leases and the potential for terror attacks that could reduce revenue.

Silverstein, who signed a 99-year lease for the original towers six weeks before they were destroyed, issued the debt through New York Liberty Development Corp. The subsidiary of the state’s economic-development agency was created to sell tax-exempt debt as part of the Liberty Bond program, part of a federal economic package to help New York City recover from the 2001 attacks.

Dara McQuillan, a spokesman for New York-based Silverstein Properties Inc., didn’t immediately return a request for comment on the bond sale.

http://www.bloomberg.com/news/2014-1...rld-trade.html

[NYguy]

http://blogs.wsj.com/developments/20...6-b-bond-deal/

World Trade Center Tower Set to Rise After $1.6 Billion Bond Deal


By ELIOT BROWN and AARON KURILOFF
October 28, 2014

Larry Silverstein on Tuesday secured the money needed to construct his long-planned 1,170-foot 3 World Trade Center. The developer sold nearly $1.6 billion offering of tax-exempt bonds, financing that is to be used to build the tower by 2018. It would be the third constructed at the 16-acre site, and the fourth counting Mr. Silverstein’s 7 World Trade Center, a separate property just north of the site.

The deal marks the end of a lengthy quest for financing for the Richard Rogers-designed building, which started last year when Mr. Silverstein struck a deal with advertising firm GroupM to lease 515,000 square feet at the building. The deal was too risky for traditional lenders, as the building has nearly 2 million square feet of space yet to be leased.

But the developer was aided by a rally in the market for municipal bonds, allowing him to sell so-called Liberty Bonds for the building. The tower was granted the ability to use the bonds after the Sept. 11, 2001, attacks in an effort to spur rebuilding.

“Investor demand for the 3 WTC Liberty Bonds is a terrific vote of confidence in the new World Trade Center and more proof of Downtown’s amazing comeback,” Mr. Silverstein said in a written statement.

October 27, 2014

[forj]

this is probably my favorite building out of the whole WTC site. gonna look great on the skyline

[Guiltyspark]

The main reason I am excited about this building is that it gets us one step closer to 2 going up.

[NYguy]

That base is going to be huge too. They have four more trade floors to go up before we make the transition to the tower. With the Freedom Tower and tower 4 nearing completion, it's nice that we can now transition to a new tower going skyward at the WTC site. Perhaps by the time this one is nearing completion, we will be nearing or even already watching tower 2 spring skyward.






http://nypost.com/2014/10/29/3-wtc-s...-2018-opening/

The $2 billion skyscraper, stalled at seven stories, can now soar to its full, 80-story height with 2.8 million total square feet.

“We now have secured all the financing necessary to complete the building in 2018,” Silverstein said in a statement.

GroupM needs to move 2,400 employees out of several other Manhattan locations and into 3 WTC by early 2018.

[hunser]

Originally Posted by NYguy

Perhaps by the time this one is nearing completion, we will be nearing or even already watching tower 2 spring skyward.

That's what I hope for too. So glad that 3WTC is rising just when 1 and 4 WTC are pretty much completed. It keeps my (and I guess everyone else's) interest in the WTC going.

[BoM Trespasser]

I really like the 3WTC design. A very modern take on older NYC landmarks perhaps? And in juxtaposition with, what did someone on here say "science-fiction" 2WTC. A lot to look forward to.

[sparkling]

I wish they were building WTC2 rather than 3. I like the former better and I am not optimistic we would see another tower rising any time soon but it is what it is.

[davidinasia]

Originally Posted by NYguy

That base is going to be huge too. They have four more trade floors to go up before we make the transition to the tower. With the Freedom Tower and tower 4 nearing completion, it's nice that we can now transition to a new tower going skyward at the WTC site. Perhaps by the time this one is nearing completion, we will be nearing or even already watching tower 2 spring skyward.

Few would bet against that now. Too bad T3 will take until 2018 but no doubt by then, the downtown office market will be drum tight. They might have 20% leased so far but by 2016 that's probably 80% considering the rapid uptake on the other towers. It helps, too, that Calatrava is structurally almost complete and tenants can see for themselves the main amenity of the WTC complex and how cool that is going to be. The fact that the bonds sold so well and quickly, shows that the optimists were right about downtown and that the market would support the size of these projects.

Really to me, resolving the financing stuff with T3 is the last remaining major hurdle for the new WTC as a whole. It's truly downhill from here. T2 is only a matter of time with the critical mass of 1, 3, 4, 7, the Calatrava, and the museum all being done and attracting huge numbers of people daily, not to mention that T2 lower levels already completed and the fact that it's maybe architecturally the best building of the bunch.

[hunser]

^ Also, don't forget that 2WTC has those large trading floors. Not many (new) towers offer that.

[JustSomeGuyWho]

Originally Posted by sparkling

I wish they were building WTC2 rather than 3. I like the former better and I am not optimistic we would see another tower rising any time soon but it is what it is.

I agree with davidinasia ... the momentum will be there to build WTC2. The big hurdle was getting them to build another one but it was easier to make the case right now to build WTC3 than WTC2. Right now you have two built but not completely "built-out" towers with another tower being built. You have the new station scheduled to be completed the beginning of next year. You have large residential construction projects close by ... new buildings and conversions. Relative to midtown, the space is a bargain. The area is still the financial district but it has diversified. They will not have to start WTC2 from scratch. The available space will attract tenants and as more tentants move in and as it begins to feel less and less like a construction site, momentum will build. Next year at this time, things will look very different. I think it's possible that WTC2 could start rising even before WTC3 is ready to have its first tenants.

[weidncol]

Originally Posted by davidinasia

Few would bet against that now. Too bad T3 will take until 2018 but no doubt by then, the downtown office market will be drum tight. They might have 20% leased so far but by 2016 that's probably 80% considering the rapid uptake on the other towers. It helps, too, that Calatrava is structurally almost complete and tenants can see for themselves the main amenity of the WTC complex and how cool that is going to be. The fact that the bonds sold so well and quickly, shows that the optimists were right about downtown and that the market would support the size of these projects.

Really to me, resolving the financing stuff with T3 is the last remaining major hurdle for the new WTC as a whole. It's truly downhill from here. T2 is only a matter of time with the critical mass of 1, 3, 4, 7, the Calatrava, and the museum all being done and attracting huge numbers of people daily, not to mention that T2 lower levels already completed and the fact that it's maybe architecturally the best building of the bunch.

3 WTC will actually be topped out by mid 2016, opening to tenants 6/17.

[sparkling]

Originally Posted by JustSomeGuyWho

I agree with davidinasia ... the momentum will be there to build WTC2. The big hurdle was getting them to build another one but it was easier to make the case right now to build WTC3 than WTC2. Right now you have two built but not completely "built-out" towers with another tower being built. You have the new station scheduled to be completed the beginning of next year. You have large residential construction projects close by ... new buildings and conversions. Relative to midtown, the space is a bargain. The area is still the financial district but it has diversified. They will not have to start WTC2 from scratch. The available space will attract tenants and as more tentants move in and as it begins to feel less and less like a construction site, momentum will build. Next year at this time, things will look very different. I think it's possible that WTC2 could start rising even before WTC3 is ready to have its first tenants.

I believe it makes little business sense to build it. But instead of boring you to death with my side of the story or instigating some sort of 'I say/you say' internet confrontation, I will add the positives going in favor of WTC2 getting built.
-There is the moral obligation to do so
-there is some political will to do so
-some people are ready to throw some money at it to secure their "legacy"
Even with the above, I view your timetable as extremely optimistic. But let's agree to disagree

[JustSomeGuyWho]

Originally Posted by sparkling

I believe it makes little business sense to build it. But instead of boring you to death with my side of the story or instigating some sort of 'I say/you say' internet confrontation, I will add the positives going in favor of WTC2 getting built.
-There is the moral obligation to do so
-there is some political will to do so
-some people are ready to throw some money at it to secure their "legacy"
Even with the above, I view your timetable as extremely optimistic. But let's agree to disagree

Well, I am not saying they will start WTC2 next year at this time ... I am saying that next year at this time you will see people, activity ... tenants ... and the picture will look different with the momentum starting to build. Vacancy rates are very low in both midtown and downtown but Class A rates downtown are at a discount compared to midtown. Of course if there is any economic downturn over the next 3 years or so, it is a different story, and that is very possible.