NEW YORK | 200 Greenwich - 2 WTC | 1,270 FT | 80 FLOORS | ON HOLD

[PENNSYLVANIAPROGRESS]

Originally Posted by Streamliner

If this design were flipped around 180 degrees, I'd be all for it. I don't know why the last two designs (this and BIG) insisted that the most boring facade face the most prominent vantage points (Memorial/Hudson River).

is this the final design or are they still finding new ideas?

[MAC123]

Originally Posted by PENNSYLVANIAPROGRESS

is this the final design or are they still finding new ideas?

As far as we know this is the design they're going with.

[PENNSYLVANIAPROGRESS]

Originally Posted by MAC123

As far as we know this is the design they're going with.

doesn't look bad just make the curtain wall the same as One WTC

[Zapatan]

Originally Posted by MAC123

As far as we know this is the design they're going with.

I hope so, I really like that one.

[PENNSYLVANIAPROGRESS]

Originally Posted by Zapatan

I hope so, I really like that one.

THEN it would look really good maybe increase the hight by 100 feet and have a restaurant like in the original.

[NYguy]

https://nypost.com/2022/10/29/why-ny...ice-space/amp/

Why NYC companies are betting on big office space


By Lois Weiss
October 29, 2022

Jumbo city tenants are looking far into the future and not the pandemic past by exploring options and committing to new spaces.

Inking deals at $200 per foot has become the old $100 per foot, while $300 per foot has been achieved at both One Vanderbilt and L+L Holding’s 425 Park Ave. which officially opens today.

According to Mitti Liebersohn, chairman of New York brokerage Savills, 16 deals over 100,000 square feet were closed in Q3 compared to 11 deals in Q2. With 25 million square feet signed already, 2022 will surpass last year’s 26 million square feet of leases.

Recent large commitments to new buildings include KPMG and D. E. Shaw which leased 456,000 square feet and 283,421 square feet, respectively, both at Brookfield’s upcoming Two Manhattan West.

Franklin Templeton inked a deal for 347,000 square feet on the high floors of SL Green Realty Corp.’s upcoming reinvention of One Madison Ave. at a reported $145 per square foot in a project that already snagged IBM for 328,000 square feet and Chelsea Piers Fitness for 56,000 square feet.

”About five years out there are several million-foot tenants that need to start talking about it now, and if the whole flight to quality theme continues, there won’t be a lot out there,” said Ted Koltis, EVP of Moinian Group.

To wit, on the east side of Grand Central Terminal, TF Cornerstone is planning a jumbo 2 million-square-foot tower at 175 Park Ave. with offices and a Hyatt brand hotel. Brokers say Blackstone is contemplating 1 million square feet of its glass and steel space.

Vornado’s buildings by Penn Station have been snagging tenants with 300,000 square feet leased at Penn 1 alone. Blue Cross Blue Shield has recently moved into its new 70,000 square feet of offices designed by Gensler.

Bloomberg has leases rolling in 2029 at its namesake tower at 731 Lexington Ave. and you can bet that owner, Steve Roth’s Vornado Realty Trust, is courting them for the replacement tower at the Hotel Pennsylvania, Penn 15.

Apple is also seeking 1 million square feet and as Vornado’s ever-growing tenant at Penn 11, is another candidate for Penn 15.

The lawyers of Freshfields Bruckhaus Deringer US will expand to 179,724 square feet at Silverstein Properties’ 3 World Trade Center and is one of several deals done at the WTC buildings.

[JMKeynes]

There’s nothing like NY!!!

[chris08876]

Optimistic with the pipeline of 1m+ sqft commitments. A lot of those potential East Midtown parcels via the rezoning come into play if that pipeline potential is anything to go by. I do hope though we see movement on this. Be nice for once for something good outside of Midtown.

[NYguy]

Originally Posted by chris08876

Optimistic with the pipeline of 1m+ sqft commitments. A lot of those potential East Midtown parcels via the rezoning come into play if that pipeline potential is anything to go by. I do hope though we see movement on this. Be nice for once for something good outside of Midtown.

The ability this one has over other potential development sites is the potential to move quickly. When it comes to demo/foundation work, we’re talking at least 2 years saved. This one is already built up to grade. I hope that American Express deal for 1 msf happens here. But a lot of the future large towers are years off, and will require approval/demo before construction can even begin. The clock is ticking in this game of musical chairs.

[MikeG]

I Hope this sticks and starts to get done. I really like this design, tho, it should be turned 180 degrees imo. But I'd settle for this.

Originally Posted by PENNSYLVANIAPROGRESS

is this the final design or are they still finding new ideas?

[mrnyc]

if they could do mixed use they could build it tomorrow on spec. a hotel would jump at it. condos no problem. scare up a few office tenants that dont have to take up a gazillion sq ft. eazy peazy. i dk why the pa is so stubborn about it.

[JMKeynes]

I'd rather see 175 and 350 Park built before this. I would not be surprised if this site is totally redesigned to have a smaller office component (maybe 1m-1.5m sf), condos, and a hotel (which apparently is in the latest mix). An office component that's small enough to be built on spec is what this site needs.

[NYguy]

Originally Posted by mrnyc

if they could do mixed use they could build it tomorrow on spec. a hotel would jump at it. condos no problem. scare up a few office tenants that dont have to take up a gazillion sq ft. eazy peazy. i dk why the pa is so stubborn about it.

It’s already zoned for mixed-use, in terms of office/hotel.

Residential space is another matter, and frankly it should be. Let’s get the residential 5 WTC built, along with 45 Broad and 80 South Street (a hotel/residential tower) built before we get crazy on this one.

[chris08876]

I would imagine mixed use is the way to go. The problem I see with this site in particular is the pipeline going to the existing WTC towers but not only that, the big elephant in the room is Midtown in general (West/Central/East) and the competition. The success of the city in general, particularly Midtown, is the downfall of this site. One can argue that Midtown is arguably a much better business location in this day in age in terms of what companies want. Not that downtown isn't bad but it has a clear competitor just north of it.

It's going to be very hard to entice that large commitment needed for 2 WTC when beasts like Hudson Yards, 2 Penn, 175 Park and other prospects steal the tenant spotlight. Even things such as conversions in Midtown East, all eat away at future tenant prospects.

Mixed-use would raise the odds but I also question the cost of this rising. Longer this drags on, the pricier it will get.

I think had this secured a tenant 5 years ago, it would of been a much easier probability. The success of Midtown will keep the odds of this tower rising, without major compromises, at risk.

[eXodius]

Every time I see this post come up, I get a little excited that there's news about an anchor tenant or resuming construction One day, that'll be true!!

[worldtrade2021]

Apparently Silverstein Properties had sought funds from immigrant investors in late 2015 to help with construction of 2 World Trade Center

https://web.archive.org/web/20151103...wer-1446569760

According to an article from USGlass News Network from the end of October 2022, 2 WTC and 5 WTC are expected to be among "the largest construction projects in the next two years": https://www.usglassmag.com/2022/10/n...ed-since-2021/

New York City is experiencing a “roaring recovery” in the aftermath of the COVID-19 pandemic, which could be good news for glazing industry companies working in the area.

New York City is experiencing a “roaring recovery” in the aftermath of the COVID-19 pandemic, which could be good news for glazing industry companies working in the area.

According to the 2022-2024 New York City Construction Outlook, published by the New York Building Congress and New York Building Foundation, the city jumped from $38 billion in construction spending in 2021 to $86 billion in 2022. The report uses data from sources such as Dodge Data & Analytics, the NYS Department of Labor, Public Sector Capital Plans, the U.S. Census Bureau and Urbanomics.

“Against all odds, construction spending and building levels over the next three years are projected to be relentlessly bullish in the face of economic headwinds and seismic changes in the city’s workforce patterns,” the report states.

Increased Commercial and Government Spending

Spending in the non-residential building sector is forecast to increase nearly 57% in the next few years over the pre-pandemic period of 2017-2019. As demand shifts, as well as cost inflation and maintenance and/or development, the sum of all non-residential construction investment is expected to peak above $33.7 billion by year’s end.

Additionally, spending in the government building sector is expected to increase to nearly $21 billion in 2022 and up to $26.9 billion in 2024. The report indicates that over the next two years government spending on infrastructure development will dominate the construction market.

NYC expects to spend around $270 billion overall on construction throughout the next two years.

These increases are attributed to investments in office space, retail, hotels, institutional development, and entertainment venues, among others. Some of the largest construction projects in the next two years include 66 Hudson Blvd., 3 Hudson Blvd., 5 World Trade Center, 200 Greenwich Street and 99 Hudson Blvd.

Several factors could dampen the outlook, however. These include cutbacks in development over the remaining months of 2022, failure to find a suitable replacement for 421-a (a section of the New York State Real Property Tax Law that exempts certain new multiple dwellings from local property taxation) and a reduction in price increases.

Employment

The growth in construction activity is forecast to keep the number of workers at stable levels throughout the next two years. The New York Building Congress anticipates employment in the construction of buildings, heavy and civil engineering and specialty trades to total 139,000 jobs in 2022, 143,000 in 2023 and 142,500 in 2024. Despite the positive outlook, the number of projected workers is expected to lag behind the pre-pandemic high of 161,183 workers in 2019.

Pointing to construction activity serving as a bellwether for a region’s economic health, the New York Building Congress says the report’s finding proves once again that the “strength, resilience and determination of hard-working New Yorkers cannot be shaken.”

However given delays in current projects at the WTC site (e.g. St. Nicholas Greek Orthodox Church still not open despite previously being announced as opening by November 1, 2022) and the fact that unforeseen economic problems and other events have delayed construction before, that should not at all be taken as a guarantee, only a sign that among construction companies right now in NYC, 2 WTC and 5 WTC are considered potentially large upcoming projects they will have to plan for.

[chris08876]

I think the current economic issues for the tech industry (layoffs and downsizing) will not aid 2 WTC. A while back, I think tech was a good prospect to commit to 2 WTC. I think with the investment in Midtown, the only viable option for 2 WTC is to go mixed-use.

If anything, 5 WTC may serve as a model (which I think will rise before this does).

Tech on a side note has invested South of 33rd Street but not really within the WTC area, at least with a large commitment, opting instead for shorter structures but one's that were over 1 mil sq-ft. 550 Washington, 4 Hudson come to mind.

[MAC123]

It will likely be American Express who anchors 2 WTC. Their situation is perfect for 2 WTC, and 2 WTC's current status (and location) is perfect for them.

[worldtrade2021]

Originally Posted by chris08876

I think the current economic issues for the tech industry (layoffs and downsizing) will not aid 2 WTC. A while back, I think tech was a good prospect to commit to 2 WTC. I think with the investment in Midtown, the only viable option for 2 WTC is to go mixed-use.

If anything, 5 WTC may serve as a model (which I think will rise before this does).

Tech on a side note has invested South of 33rd Street but not really within the WTC area, at least with a large commitment, opting instead for shorter structures but one's that were over 1 mil sq-ft. 550 Washington, 4 Hudson come to mind.

There's always something or the other that is stalling construction on this building. Construction on 5 WTC will probably begin some time after St. Nicholas Greek Orthodox Church and the PAC are fully complete and open, but even then there could be delays in that the longer the arguments about 'affordability' go on.

Originally Posted by MAC123

It will likely be American Express who anchors 2 WTC. Their situation is perfect for 2 WTC, and 2 WTC's current status (and location) is perfect for them.

Tenants have indicated interest but backed out at the last minute like Fox did in 2017 and Deutsche Bank did in 2017.

At this point it's anyone's guess if the sections of Vesey Street, Fulton Street and Greenwich Street around the PAC will be fully complete and open when the PAC opens, as that will leave only the street grid portions of Greenwich Street and Vesey Street around 2 WTC site left to complete with whatever gets built on the 2 WTC site and would at least help open more portions of the site to the public.

It's really surprising that there isn't more incentive to get this last portion of the site finished. There will be no complete form of closure nor a complete Lower Manhattan skyline until/unless a suitably tall skyscraper at the site of 2 WTC is built. There are frequent questions about 2 WTC on any picture of the WTC site that is posted online by the Port Authority.

[SkyHigher]

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 Hub should have been here and 2WTC where the Hub is. The only angle that the complex was designed for as a whole was for the south west views, which is yet another reason The Twin Towers should have been rebuilt in some capacity.....

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......