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NYguy Jan 23, 2009 6:43 PM

NEW YORK | 5 World Trade Center | 920 FT | FLOORS
 
http://www.observer.com/2009/real-es...s-go-elsewhere

$61 M. Up for Grabs Downtown with JPMorgan Tower 'in Hiatus'
Port Authority offers incentives once slated for investment bank's new WTC site digs


http://www.observer.com/files/imagec...organtower.jpg

by Eliot Brown
Jannuary 23, 2009

It’s been 10 months since anyone involved in Lower Manhattan development took seriously JPMorgan Chase’s pledge to build itself a new 40-story investment banking headquarters across from the World Trade Center site. The financial titan’s shotgun marriage with a dying Bear Stearns last winter seemed to mostly kill the deal, as Bear Stearns had its own, newer midtown skyscraper for investment bankers, and JPMorgan was apparently less than eager to spend $3 billion on a new building it didn’t need.

But ever since, both JPMorgan and the Port Authority, which owns the site, have been coy about the status of the non-binding deal, with neither party having any incentive to announce its demise. (JPMorgan said it will not build an investment banking headquarters, but has said it still intends to use the site.)

Now, while holding to the line that JPMorgan could still build, the Port Authority on Thursday opened up some $61 million in tax credits intended for the financial firm to anyone who will take them. The subsidy, $5 per square foot off the rent for 750,000 square feet of space, can go to any business that takes space anywhere at the World Trade Center site or at site 5.

“What this is doing is reallocating it site-wide,” said Chris Ward, the Port Authority’s executive director. “There had obviously been an earlier discussion with site 5 and its availability for JPMorgan Chase. While that transaction is currently in hiatus, we thought it was important to make clear that it would be available to any commercial tenant who wanted to come downtown.”

So who will take it?

“Obviously, in this market right now, we’re talking to anyone who would like to be a tenant at 1 World Trade Center,” Mr. Ward said (he was referring to the Freedom Tower, a name officials have tried to phase out with little luck). “Whoever’s listening, if this rental credit is of good value, please come talk to us.”

The Freedom Tower is furthest along in construction, and it’s unclear what’s to happen with the three planned Larry Silverstein-owned towers to be built at the site.

A Port Authority spokeswoman e-mailed in response to some followup questions that "JPMC can still tap this incentive if we complete a deal but until deal is completed these credits should be available to the full spectrum of interested private tenants."

A JPMorgan spokesman declined to comment.

Busy Bee Jan 23, 2009 6:53 PM

Surprise-Surprise

Dac150 Jan 23, 2009 7:22 PM

I can't imagine what JPM will be using that site for (if for anything). They practically fill three or so buildings on Park Avenue, The Bear Stearns Building, and have offices in LIC.

photoLith Jan 23, 2009 7:24 PM

Quote:

Originally Posted by Dac150 (Post 4043677)
I can't imagine what JPM will be using that site for (if for anything). They practically fill three or so buildings on Park Avenue, The Bear Stearns Building, and have offices in LIC.

lol, its the same in Houston. JP Morgan Chase occupies two buildings. The only supertall in H town and an older art deco building.

As for the design on this building. I dont like it whatsoever.

Dac150 Jan 23, 2009 7:45 PM

^^^ It really is somewhat funny though, because the HQ of JPM is practically made up of the first four boxes of Park, North of MetLife. Plus their LIC offices and the essentially brand new 385 Madison. It's a large company (some 250,000 employees), but large enough to fully occupy yet another highrise?

I think if anything they want to buy the plot and possibly hang on to in until the market is better and the demand is back, only to sell it to a company for a higher price then what they paid. But I don't think the PA would allow that, would they?

NYguy Jan 24, 2009 12:39 PM

Quote:

Now, while holding to the line that JPMorgan could still build, the Port Authority on Thursday opened up some $61 million in tax credits intended for the financial firm to anyone who will take them. The subsidy, $5 per square foot off the rent for 750,000 square feet of space, can go to any business that takes space anywhere at the World Trade Center site or at site 5.

“What this is doing is reallocating it site-wide,” said Chris Ward, the Port Authority’s executive director. “There had obviously been an earlier discussion with site 5 and its availability for JPMorgan Chase. While that transaction is currently in hiatus, we thought it was important to make clear that it would be available to any commercial tenant who wanted to come downtown.”
I think this is just the beginning of the end of JPMorgan's involvement with the site. But with the state of demolition on site, there hasn't really been a huge push to get this moving forward.

That $5 per sf discount can also go to Larry Silverstein's towers.

Scruffy Jan 24, 2009 7:18 PM

They are going to have a hard enough time to fill out the towers in the current economy. this may be heresy but i say we delay building tower 5. finish tearing down the deutche bank and leave a cleared spot for a future tower 5. Unless they want to go back to the residental plan. it wouldn't be as ackward a plan as when previously proposed since there will be a 60 story residential hotel directly behind it about to open. the W

Lecom Jan 24, 2009 7:38 PM

Something tells me they'll just fence off the site for a few years as soon as Deutsche Bank Tower is gone.

Dac150 Jan 24, 2009 7:41 PM

I think the space needs to be reserved for an office tower. Whether it comes right away is yet to be determined given the current market conditions. However, it is clear that in some point in time this will come to pass and commercial space will be in high demand. When that point comes there needs to be space in Lower Manhattan that can fill the demand. A fifth office tower is more practical in long term sense.

speedy1979 Jan 24, 2009 10:00 PM

Quote:

Originally Posted by Lecom (Post 4045494)
Something tells me they'll just fence off the site for a few years as soon as Deutsche Bank Tower is gone.

Or they could make it a temporary park/plaza where people could sit and take pictures of the freedom tower.:tup:

CoolCzech Jan 25, 2009 2:20 AM

I'd rather hold off on this tower and see 1 thru 4 completed in a timely manner. There's not much doubt something will be built on this site at some point, so why squander financial incentives on it now, when at the moment the PA at least seems to believe towers 2 and 3 are in peril?

Scruffy Jan 25, 2009 11:50 PM

Quote:

Originally Posted by speedy1979 (Post 4045718)
Or they could make it a temporary park/plaza where people could sit and take pictures of the freedom tower.:tup:

the problem with leaving it as a temp park is later when you are ready to build on it, there will be all sorts of madness about how we are taking away a park from downtown. even if it was always planned as temporary. You can name the park Temporary Park and there will still be protests when you try to build upon it in the future

NYguy Jan 27, 2009 1:14 PM

Quote:

Originally Posted by Dac150 (Post 4045499)
I think the space needs to be reserved for an office tower.

Yeah, it should be reserved for an office tower, even though the plan has shifted a couple of times to residential. But it should remain office. Keep in mind that tower 5 won't be replacing what was on site, but rather is space shifted from the WTC site.

Thymant Feb 12, 2009 3:10 AM

There is no other company that is interested in occupping this tower?

NYguy Feb 12, 2009 6:34 AM

Quote:

Originally Posted by Thymant (Post 4082503)
There is no other company that is interested in occupping this tower?

Not at the moment, no.

NYguy Feb 13, 2009 12:58 AM

Small blurb in the press....
http://www.1010wins.com/Half-Built-V...conomy/3840958

Several hotel projects in jeopardy may be redesigned as apartments or offices, where financing may be more readily available, Miller said. World Trade Center site planners have re-imagined one of five planned towers as an apartment complex and an investment banking tower; the tower hasn't even broken ground.

philvia Feb 13, 2009 3:53 AM

i think residential there would be nice :shrug:

sask1982 Feb 13, 2009 6:43 AM

I think they need to focus on deconstructing the old Deutche Bank first. Once that is gone (what...in 2 years maybe? at this rate...?) and the site is cleared then they can start dreaming of what to build there.

Nomadd22 Feb 13, 2009 1:01 PM

Quote:

Originally Posted by sask1982 (Post 4085117)
I think they need to focus on deconstructing the old Deutche Bank first. Once that is gone (what...in 2 years maybe? at this rate...?) and the site is cleared then they can start dreaming of what to build there.

Less than one year. They're just focusing on remediating the old tower completely this time before they take it down. Once the interior and asbestos is gone the frame will come down in no time.
Will Larry hold the lease on this one? If the lease doesn't include the office space from WTC5 I think they'd have a pretty good case for making it residential.

NYguy Feb 13, 2009 1:17 PM

Quote:

Originally Posted by Nomadd22 (Post 4085321)
Will Larry hold the lease on this one? If the lease doesn't include the office space from WTC5 I think they'd have a pretty good case for making it residential.

This one remains in the hands of the Port Authority, and technically its not on the WTC site - which is why they were able to talk of residential in the past. But it should remain commercial, or at least mixed-use.

NYguy Feb 19, 2009 3:26 PM

http://www.nypost.com/seven/02192009...one_155919.htm

DEUTSCHE 'DONE'

By CHUCK BENNETT
February 19, 2009

The Lower Manhattan Development Corp. said yesterday the condemned former Deutsche Bank building will be gone by this fall, and released plans for taking it down.

Decontamination is expected to be complete by the end of March. Work will start in late April on tearing down the remaining 26 floors.

Among new safety measures is an alarm on the standpipes and special emergency exits. Two firefighters were killed in a 2007 blaze because the standpipe had been cut.

UrbanSoldier Feb 19, 2009 3:42 PM

:previous: It's about f*cking time!

hunser Feb 19, 2009 7:48 PM

Quote:

Originally Posted by UrbanSoldier (Post 4097716)
:previous: It's about f*cking time!

you say it! :yes:

NYguy Feb 20, 2009 2:39 AM

We'll celebrate when it's finally down. With this one, you can never be too sure. There's always a sequal.

HOUSTONIAN57 Feb 20, 2009 11:59 PM

More renderings from 2007...

http://img371.imageshack.us/img371/9421/30680643ta3.jpg

http://www.nypost.com/seven/03182008/photos/biz038a.jpg

http://img524.imageshack.us/img524/3...contextwj7.jpg

http://img341.imageshack.us/img341/6879/overviewot6.jpg

(From SSC)

NYguy Feb 22, 2009 1:56 AM

^ That's a design we won't get to see. Some liked it, others hated it.

ZZ-II Feb 22, 2009 9:30 AM

i personally like it :)

Dac150 Feb 22, 2009 5:07 PM

As did I. If these folks are smart then they'll allow the design of something similar. Office space demand will come back to the point of where it was, and when that happens a tower like that will be swept up very quickly.

CoolCzech Feb 23, 2009 2:00 AM

Quote:

Originally Posted by NYguy (Post 4102234)
^ That's a design we won't get to see. Some liked it, others hated it.

It could stand some refinement, but it has the makings of a striking design. People forget that that sheer size alone can make a building look attractive. I don't know better than anyone else how long the current economic difficulties will last, but they will end one day. We should build for the future.

theWatusi Feb 23, 2009 2:59 AM

I'm glad the "urinal" won't get built

philvia Feb 23, 2009 4:16 AM

i liked the JP design also

too bad the "urinal" won't get built

Dac150 Feb 23, 2009 4:38 AM

Quote:

Originally Posted by CoolCzech (Post 4103940)
We should build for the future.

Indeed we should, because when the day comes where the space will be needed and it isn't present, industry will move on and an opportunity will be lost. The fact remains that though the Manhattan commercial market, among others, may not be as gleaming as it was not too long ago, the day will come where this 'urinal' will be in demand.

This may not be the design, but something of this nature must come to be.

NYguy Feb 23, 2009 1:49 PM

I didn't mind the design. In fact, I thought it complemented Tower 4.

http://img371.imageshack.us/img371/9421/30680643ta3.jpg

But some people were afraid of the cantilever.

NYguy Mar 14, 2009 1:02 PM

Countdown to the fall....

MARCH 13, 2009

http://www.pbase.com/nyguy/image/110182775/large.jpg

Nomadd22 Mar 16, 2009 11:57 AM

Quote:

Originally Posted by NYguy (Post 4139719)
Countdown to the fall....

No, I'm pretty sure they'll take it down one piece at a time.

I imagine they'd be happy to have the site as a staging area for the other projects. It's getting kind of crowded down there.

That old design always looked like a design by committee to me.

NYguy Mar 16, 2009 12:02 PM

Quote:

Originally Posted by Nomadd22 (Post 4142696)
No, I'm pretty sure they'll take it down one piece at a time.

Right, and they say it will be done by the fall.

Quote:

The Lower Manhattan Development Corp. said yesterday the condemned former Deutsche Bank building will be gone by this fall
So the countdown has begun.

NYguy Mar 19, 2009 5:59 AM

The agreement to rebuild the Greek Orthodox church at the site falls through...
http://www.nytimes.com/2009/03/19/ny...l?ref=nyregion

Church Destroyed at Ground Zero Is Still at Square One

By CHARLES V. BAGLI
March 18, 2009


The tiny St. Nicholas Greek Orthodox Church is once again at the forefront of the myriad disputes that plague the rebuilding effort at ground zero.

The fate of the church, a narrow whitewashed building that was crushed in the attack on the World Trade Center, was supposed to have been settled eight months ago, with a tentative agreement in which the church would swap its land for a grander church building on a larger parcel nearby, with a $20 million subsidy from the Port Authority of New York and New Jersey. This would have allowed work to begin at the south end of the site.

But the two sides never came to final terms. After months of negotiations, the Port Authority, which is overseeing reconstruction at ground zero, ended its talks with the church on Monday, saying that the church had sought increasingly costly concessions.

Complaints, of course, abound on both sides.

The authority now says that St. Nicholas is free to rebuild the church on its own parcel at 155 Cedar Street, just east of West Street. The authority will, in turn, use eminent domain to get control of the land beneath that parcel so it can move ahead with building foundation walls and a bomb-screening center for trucks, buses and cars entering the area.

“We made an extraordinarily generous offer to resolve this issue and spent eight months trying to finalize that offer, and the church wanted even more on top of that,” said Stephen Sigmund, a spokesman for the Port Authority. “They have now given us no choice but to move on to ensure the site is not delayed. The church continues to have the right to rebuild at their original site, and we will pay fair market value for the underground space beneath that building.”

Last July, the Port Authority and the Greek Orthodox Church announced a tentative plan to rebuild the church just east of its original site, at Liberty and Greenwich Streets. The authority agreed to provide the church with land for a 24,000-square-foot house of worship, far larger than the original, and $20 million. Since the church would be built in a park over the bomb-screening center, the authority also agreed to pay up to $40 million for a blast-proof platform and foundation.

In recent negotiations, the authority cut the size of the church slightly and told church officials that its dome could not rise higher than the trade center memorial. The church, in turn, wanted the right to review plans for both the garage with the bomb-screening center and the park, something the authority was unwilling to provide. More important, authority officials said, the church wanted the $20 million up front, rather than in stages. Officials said they feared that the church, which has raised about $2 million for its new building, would come back to the authority for more.

The termination of negotiations is a major setback for the little church, a parish of 70 families that is nearly 90 years old. St. Nicholas officials had hoped to build an impressive structure, with a traditional Greek Orthodox dome, and a nondenominational center for visitors to ground zero. That will not be possible on the church’s original 1,200-square-foot lot, although church officials say they hope for reconciliation.

“We consider the rebuilding of the St. Nicholas Church a sacred obligation to the victims of 9/11, to the city of New York, to the people of America and in fact to the international community,” said Stavros H. Papagermanos, a spokesman for the Greek Orthodox Archdiocese of America. “We will continue to discuss in good faith and we believe that all parties involved are well-intended, and ultimately we will overcome any obstacles that have arisen.”

One person who was involved in the negotiations on behalf of the church, and who insisted on anonymity so as not to inflame the situation, criticized the Port Authority, saying it had made constantly shifting demands on St. Nicholas. Still, he said, the remaining issues were relatively small.

But it does not appear that the Port Authority is posturing. And while the Bloomberg administration expressed regrets about the impasse, officials said it was far more important to proceed apace with building a memorial, a transit center and other projects at ground zero.

St. Nicholas, a four-story church, became a symbol of resilience after it was destroyed, with George E. Pataki, then the governor, and Archbishop Demetrios, primate of the Greek Orthodox Church in America, vowing that it would rise again.

NYguy Mar 20, 2009 12:06 AM

estremocentro

http://farm4.static.flickr.com/3442/...9bcff875_b.jpg

MercurySky Mar 21, 2009 6:54 PM

Is there a timetable for a plan of a redesign of Tower 5?

NYguy Mar 21, 2009 11:47 PM

Quote:

Originally Posted by MercurySky (Post 4152548)
Is there a timetable for a plan of a redesign of Tower 5?

Not currently.

Duffstuff129 Mar 22, 2009 1:09 AM

Can we change the title of the thread to " New York | 5 Wtc | Ft max. 900| Floors" since in accordance with the master plan this tower must stay under 900 feet.

It's a small change but we might as well make it now.

Also: I liked the old design and as NYGuy said, it made a nice gesture towards 4WTC, bringing the whole "downward/upward (depending on how you look at it) spiral" to a nice conclusion/ beginning.

NYguy Mar 22, 2009 11:55 AM

Quote:

Originally Posted by Duffstuff129 (Post 4153023)
Can we change the title of the thread to " New York | 5 Wtc | Ft max. 900| Floors" since in accordance with the master plan this tower must stay under 900 feet.

Unnecessary.

MercurySky Mar 27, 2009 7:59 PM

I think this building should be similar to either building 7 or 4. It is somewhat a mystery.

philvia Mar 29, 2009 2:08 AM

well they removed most of the plywood that was wrapped around the building... which means its clean and ready!

NYguy May 3, 2009 11:09 PM

Edward Cwik

http://farm4.static.flickr.com/3645/...b565c6a9_b.jpg

NYguy May 7, 2009 8:13 PM

http://www.observer.com/2009/real-es...-delayed-again

Deutsche Bank Building Deconstruction Delayed. Again.

By Eliot Brown
May 7, 2009

Once again, deconstruction of the former Deutsche Bank building across from Ground Zero has been delayed. Now, according to a status update from the Lower Manhattan Development Corporation, the tower is on pace to be down by January 2010, three months later than the last schedule.

The new delay is the latest turn in what has become an ongoing menace of a project—one that has taken far longer than officials or construction industry executives ever imagined. First begun in 2005, the tower was on track to be down by early 2008. Initial work proved more regulation-heavy than first imagined, and then a fire in August 2007 that killed two firefighters stopped work for months. A new, more lengthy deconstruction plan followed, though it has taken far longer than initially scheduled.

The most recent delay comes as a result of a small electrical fire, which shut work down at the building in early April.

“Bovis [the contractor] estimates that as a result of the electrical incident, deconstruction will not resume until mid-July 2009,” the LMDC wrote in its status update, emailed yesterday. “We have directed Bovis to take all appropriate action, including adding additional work shifts to the job, to enable them to resume deconstruction sooner.”

It will take an estimated six months to bring down the tower once deconstruction begins (the contractors are currently doing abatement work). Should it go past January, it would seem to delay the Port Authority’s schedule, as the agency needs the site cleared so it can build a Vehicle Security Center.

NYguy May 12, 2009 12:14 PM

http://www.nypost.com/seven/05122009...wtc_168818.htm

LUXURY LIVING AT WTC
TOWER 5 HOTEL PLAN


By TOM TOPOUSIS
May 12, 2009


With a glut of commercial office space and the financial industry in meltdown, the Port Authority is actively looking to develop World Trade Center Tower 5 as a luxury hotel and residential building, The Post has learned.

A hotel and residential tower would rise at the current site of the Deutsche Bank building and would replace an earlier plan to sell the site to JP Morgan Chase, which had sought to build a financial tower with trading floors bulging off its upper stories.

Sources familiar with the bi-state agency's plans say the market for a luxury hotel and apartments has emerged as a stronger bet than holding out for a commercial tenant, now that JP Morgan is out of the picture.

"Basically, it's what the market will bear; that's the whole point of this," said a downtown official familiar with the plan for Tower 5.

The PA's latest plans for Tower 5 are actually the same tactic the agency pursued in 2006, after taking control of the Deutsche Bank site and the Freedom Tower in a deal that left developer Larry Silverstein with just three towers.

The agency had initially sought to sell the development rights for a residential building. But that plan changed as the demand for commercial space soared.


"It's back to the future," one downtown observer said of the move back to a hotel and residential tower.

The PA for months has been pushing to downsize the amount of office space that will be built at the World Trade Center for fear that there wouldn't be enough tenants for all five towers.

A PA proposal to delay construction of two of Silverstein's three towers on Greenwich Street and replace them with low-rise retail buildings has put the agency at loggerheads with the developer.

"The Silverstein team has not wavered on rebuilding the World Trade Center, and we never will," said Janno Lieber, president of Silverstein's World Trade Center Properties.

But PA officials have balked at Silverstein's request for additional help in financing his towers.

A PA spokesman yesterday insisted it's Silverstein's "responsibility is to privately finance and build three towers. The Port Authority's responsibility is to focus public resources on the projects that have the most public benefit."

To get the project back on track, Mayor Bloomberg has called a summit this week of the New York and New Jersey governors, the PA and Silverstein.

ZZ-II May 12, 2009 7:51 PM

good news, a tower 5 simply has to come!

Dac150 May 12, 2009 8:20 PM

This needs to be an office building.

NYguy May 13, 2009 1:08 AM

Quote:

Originally Posted by ZZ-II (Post 4245944)
good news, a tower 5 simply has to come!

It's not really good news. This would be built no sooner than an office tower. Larry Silverstein has his own troubles trying to build a residential/hotel tower just blocks away.

Quote:

Originally Posted by Dac150
This needs to be an office building.

That's true. Other than towers 2 and 3 (which the PA doesn't want built for years), this would be the only other option for office space Downtown. You have to wonder if certain factions of the PA don't want Lower Manhattan to rebound to what it was. Afterall, the longer it takes to absorb office space Downtown, the longer it would take for JC to rebound (remember, that wasn't an issue the first time around). On the other hand, if there's nowhere left to build Downtown, Midtown isn't necessarily the next option. Jersey City could be a prime location for the Downtown set.


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