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  #5881  
Old Posted Nov 22, 2022, 9:18 PM
MAC123 MAC123 is offline
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^Neither the originals nor the redevelopment were designed with viewpoints in mind. That's the same with the vast majority of all developments in NYC and it should stay that way

Never completed at all? If completed, it will be in the 2030s? Where is this coming from?
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  #5882  
Old Posted Nov 22, 2022, 9:26 PM
worldtrade2021 worldtrade2021 is offline
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Originally Posted by SkyHigher View Post
I don't see how the skyline is complete with this considering it blocks most of the view of 1WTC from the Brooklyn vantage point the most iconic view of all.
The skyline is much more incomplete without any supertall built at the site of 2 WTC.

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The Hub should have been here and 2WTC where the Hub is.
Imo the Oculus being at the center as an entry point into the complex is similar to the old complex where the primary entrance was between the Millennium hotel and Century 21 store, which is a good thing.

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I'd be surprised if this is completed in Larry's life time. Though I wouldn't be surprised if it never happened at all. Either way we're be in the 2030's soon for completion which will be 30+ years since 9/11. Insane. So insane......
Agreed, it's ridiculous it's taken this long and Larry refuses to build on spec. Unfortunately, any real progress on the WTC site seems to be measured in terms of 5 to 10 years rather than months to a year.


They should allocate more hotel space to 2 WTC (especially at the middle and top portions of the building) and waive the rigid requirement of needing an anchor tenant to start construction. There's simply too much competition from Midtown and HY that only continues to increase and way more focus on residential construction rather than office space in the area around the WTC site now.
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  #5883  
Old Posted Yesterday, 1:39 PM
worldtrade2021 worldtrade2021 is offline
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https://archive.ph/NCjCc

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Wealth
NYC’s Silverstein to Raise $1.5 Billion for Office-to-Housing Push
As aging towers sit empty, developer sees opportunity to feed the heavy demand for apartments. 

The firm is exploring acquisitions of Manhattan office buildings that are facing growing vacancies or debt burdens.

By
Natalie Wong
December 5, 2022, 3:00 PM UTC Updated onDecember 5, 2022, 5:21 PM UTC

 
The landlord, known for developing towers at the World Trade Center, is in talks with investors to kick-start what could be a “$10 billion-plus” opportunity, Chief Executive Officer Marty Burger said in an interview. The firm is exploring acquisitions of Manhattan office buildings that are facing growing vacancies or debt burdens. The effort could potentially expand to other areas of the US, such as Washington, D.C., Boston and the West Coast.

“It’s a huge market,” Burger said. “Our acquisition group is solely focused on this right now.”

Earlier this year, Silverstein Properties agreed to buy a Financial District office building with partner Metro Loft Management. They plan to start transforming the property, at 55 Broad St., into residential units in 2023, Burger said. It will be Silverstein’s first joint-venture conversion project with Metro Loft. 

Last year, Silverstein purchased 116 John St., a former office tower that Metro Loft had already converted to housing. 

New York landlords are exploring opportunities to convert obsolete offices to residential use as vacancies and costs for modernizing the properties mount. With some tenants scaling back their space, and others flocking to newly built developments, many older towers sit largely empty. At the same time, demand for apartments in Manhattan pushed rents to records this year.

“Now is the perfect storm where office is not in favor, and the residential market is very hot,” Burger said. “Hopefully we can acquire some of these office buildings that may be obsolete or may not be their highest and best use as an office building, and convert them to residential use, which the city desperately needs.”

Eastdil Secured is advising Silverstein on the fundraising effort. 
(Updates with Silverstein’s adviser in last paragraph.)
This could potentially be a way for Silverstein Properties to accommodate housing in other areas besides 5 WTC so that 5 WTC can be built sooner with less of a need to accomodate more affordable housing units in the building, or as a way to free up office space in older buildings while creating more demand for office space at the WTC site and spur demand from tenants for office space at the site of 2 WTC. Or it could just be a routine procedure of making a profit from office to residential space conversion in older buildings.
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