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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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Quote:
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.

Quote:
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 Dec 6, 2022, 1:39 PM
worldtrade2021 worldtrade2021 is offline
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https://archive.ph/NCjCc

Quote:
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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  #5884  
Old Posted Dec 8, 2022, 11:45 PM
Michagain Michagain is offline
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I agree with you and expect 2 WTC will not be an office building in the normal sense, or we would've seen a building appear when the economy was red hot.

Midtown and HY is where it's at. Plus, there's so much more space in Midtown/HY coming to market. I think companies and employees much prefer midtown's accessibility and space. I'm not sure lower Manhattan is attractive to companies outside of its legacy reputation and proximity to Jersey City and Brooklyn Heights.

So, we see midtown bursting up while downtown kind of waddles. A residential downtown with some office space makes more sense.


Quote:
Originally Posted by worldtrade2021 View Post
https://archive.ph/NCjCc



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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  #5885  
Old Posted Dec 9, 2022, 8:31 PM
worldtrade2021 worldtrade2021 is offline
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From New York YIMBY forum

Quote:
AntonioL, December 8, 2022
I attended the NYU Schack capital markets conference where Larry Silverstein spoke. He mentioned multiple times that he is determined to get this thing built. He hinted that there are several large tenants swirling and that he is very confident he could fill the 3M SF of space. He then said that he expects construction to start in 2024 and for the building to deliver in 2029.
Sounds about right. Now that St. Nicholas Greek Orthodox Church is open (albeit having uncompleted work on the western roof terraces and missing panels on the dome, with construction machinery and vehicles yet to be removed from Liberty Street and with the northern stairway entrance still not accessible to pedestrians),

the PAC will probably be the next to finish construction and open to the public, likely sometime in 2023 (imo at the current rate, probably sometime in the summer or fall of 2023).

After that, 5 WTC will probably start more actively being considered for start of actual construction in (again imo) mid to late 2023 at the earliest.

While 5 WTC is rising, construction of 2 WTC will likely come under more active consideration.

Larry still seems to be very optimistic that he can get an anchor tenant, despite all signs showing otherwise. His insistence on not building on spec is holding up construction, while the prognostics for getting large tenants for office space in Lower Manhattan are only getting less optimistic over time.
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  #5886  
Old Posted Dec 22, 2022, 5:12 PM
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Buried within the Port Authority of New York and New Jersey's budget for 2023 are signs that the agency right now expects some form of leasing or rental activity to take place at the 2 WTC site during 2023:

https://www.panynj.gov/corporate/en/...on/budget.html

page 64, Section: WTC, Subsection: Gross Operating Revenues
Quote:
Rentals are projected to increase by
$48M, or 15% versus the 2022 Budget
driven by: 1) higher rent resulting from
increased occupancy levels; 2) the
assumed start of Tower 2 ground rent
;
3) increased Observation Deck
revenues; and, 4) incremental PILOT
revenues associated with higher PILOT
expenses anticipated in 2023.
From poster TK2000 on New York YIMBY forums back in 2016, come these images giving an idea of what the completed street grid at the WTC site could look like (when viewed from the south looking north) when all projects at the WTC site (aside from 5 WTC) are completed:

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  #5887  
Old Posted Jan 6, 2023, 8:35 PM
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Larry $ilver or Gold stein

Is this debacle still ongoing?! Maybe by 2040 the City will get the watered-down cheapened version after Larry receives his judgement 😂
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  #5888  
Old Posted Jan 6, 2023, 8:41 PM
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Quote:
Originally Posted by HyperPower View Post
Is this debacle still ongoing?! Maybe by 2040 the City will get the watered-down cheapened version after Larry receives his judgement ������
I think you meant 4020





JK, hope Larry all the best
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  #5889  
Old Posted Jan 15, 2023, 9:00 PM
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Quote:
https://therealdeal.com/2022/10/04/a...sale-move/amp/

American Express to explore headquarters sale, move

BY LOIS WEISS
OCT 4, 2022


American Express has hired Cushman & Wakefield to weigh its office options as the financial giant ponders its footprint in Manhattan and beyond.

Sources told The Real Deal that American Express is looking at about 1 million square feet needed primarily in New York...

The company has been at 200 Vesey Street, the massive Battery Park City building at Brookfield Place, since that project was planned by Olympia & York in the 1980s as the World Financial Center.

But the blue-chip firm’s offices there are now 40 years old — although some were redone after 9/11 — and need a major refresher to attract and retain talent, not to mention get employees to come to work. Amex is competing with tech companies and other financial firms that have moved to modern towers replete with shared spaces rather than warrens of cubicles.

...The possibility of signing an established anchor tenant is an opportunity for developers looking to finance office projects.

“Silverstein must be drooling,” an industry insider said of Larry Silverstein, who needs a large commitment from a tenant to get his 2 World Trade Center back on track. “It would be the best site for Amex because the employees are already used to the area.”


Still waiting for a resolution to that, but these things take time.




In the meantime, a walk around the WTC site, and envisioning 2 WTC's place i it...


JANUARY 14, 2023


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  #5890  
Old Posted Jan 15, 2023, 9:23 PM
JMKeynes JMKeynes is offline
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I’m not holding my breath fir this. If it were built on spec., it would fill. However, no one will finance it on spec. Larry should change this to a mixed use with 1m sf of office that wouldn’t require a big tenant commitment.

1 m sf of office with 1 m sf of hotel and condo would be nice.
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  #5891  
Old Posted Jan 16, 2023, 3:30 AM
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No better place for American Express to lease then 2WTC, especially symbolically for the company. I had the privilege to meet Ken Chenault about 13 years ago at the penthouse of their current WFC building and it was such an awesome experience!

Last edited by UrbanImpact; Jan 16, 2023 at 4:52 AM.
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  #5892  
Old Posted Jan 16, 2023, 3:44 AM
JMKeynes JMKeynes is offline
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Quote:
Originally Posted by UrbanImpact View Post
No better place for American Express to then 2WTC, especially symbolically for the company. I had the privilege to meet Ken Chenault about 13 years ago at the penthouse of their current WFC building and it was such an awesome experience!
I agree, and I hope that it happens. However, I wonder if they’re looking to pay $100/sf+, which is probably what Larry seeks. Maybe he’ll cut them a deal to get this project off the ground.
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  #5893  
Old Posted Jan 16, 2023, 3:54 AM
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Quote:
Originally Posted by UrbanImpact View Post
No better place for American Express to then 2WTC, especially symbolically for the company. I had the privilege to meet Ken Chenault about 13 years ago at the penthouse of their current WFC building and it was such an awesome experience!
Absolutely concur.

AmEx is a true downtown NY company and they sadly lost workers on 9/11.

A piece of debris actually pierced through their headquarters at the WFC.

It would be very symbolic for the rebuild.
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  #5894  
Old Posted Jan 16, 2023, 1:32 PM
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I wonder if talks are occurring with American Express for a commitment. Silverstein just needs one big fish to get this rolling.
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  #5895  
Old Posted Jan 16, 2023, 1:39 PM
JMKeynes JMKeynes is offline
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Quote:
Originally Posted by chris08876 View Post
I wonder if talks are occurring with American Express for a commitment. Silverstein just needs one big fish to get this rolling.
I agree. I’d like to see him give Amex a deal where he just breaks even on their space. He can make money with other tenants. He needs a big fish to get the ball rolling here.
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  #5896  
Old Posted Jan 16, 2023, 7:37 PM
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I will personally get an American Express card and use it constantly if Mr. Stephen J. Squeri (CEO) commits to 2 World Trade.

Mr. Squeri, your 21st century palace awaits!
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  #5897  
Old Posted Jan 16, 2023, 7:46 PM
JMKeynes JMKeynes is offline
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Quote:
Originally Posted by The New York Lion View Post
I will personally get an American Express card and use it constantly if Mr. Stephen J. Squeri (CEO) commits to 2 World Trade.

Mr. Squeri, your 21st century palace awaits!
I will join you!
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  #5898  
Old Posted Jan 16, 2023, 9:53 PM
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That would be so awesome if American Express went through. Truly a great New Years gift and a wonderful thing for Larry is already in his nineties.

Is 5WTC still planned to start construction this year? I can't wait for the five towers to be an actual reality.
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  #5899  
Old Posted Mar 8, 2023, 2:54 AM
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At some point, the dam will bursts....



https://www.connectcre.com/stories/s...-trade-center/

StubHub Relocates Headquarters Downtown to 3 World Trade Center


Quote:
Ticket exchange StubHub signed a full-floor lease to relocate its headquarters from Midtown Manhattan to Silverstein Properties’ 3 World Trade Center downtown. The new lease covers 44,000 square feet on the property’s 59th floor.

StubHub’s lease follows a 44,000-square-foot expansion by Asana at 3 WTC this past September. “The World Trade Center is an ideal home for innovative technology companies like StubHub that want new space with great amenities close to where their workforce lives,” said Jeremy Moss, EVP of leasing at Silverstein Properties. “The WTC campus is 95% leased, and midweek occupancy is up to 70% at 3 WTC.”
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  #5900  
Old Posted Mar 8, 2023, 9:00 PM
Gantz Gantz is offline
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Quote:
Originally Posted by Michagain View Post
I agree with you and expect 2 WTC will not be an office building in the normal sense, or we would've seen a building appear when the economy was red hot.

Midtown and HY is where it's at. Plus, there's so much more space in Midtown/HY coming to market. I think companies and employees much prefer midtown's accessibility and space. I'm not sure lower Manhattan is attractive to companies outside of its legacy reputation and proximity to Jersey City and Brooklyn Heights.

So, we see midtown bursting up while downtown kind of waddles. A residential downtown with some office space makes more sense.
I think downtown Manhattan is still a better area compared to current HY and Midtown (from Penn to Times square). The only areas that are better are like Columbus Circle, Grand Central area, and everything from Herald Sq to Union Sq.
That Penn to Times Sq area is just horrid Imo. I would be very upset if my office was there. Downtown Manhattan is not nearly as bad as people think. Very undervalued Manhattan area probably mostly due to the stigma of post-9/11 desolation of 2000s-early 2010s.
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