Results tagged “silversteinproperties”

After years of talk, Bloomberg News reports that Beijing-based firm Vantone has agreed to lease with the Port Authority for at least four floors at Freedom Tower. Vantone, which described its plans for the space as a "combination chamber of commerce and cultural center" last year, will occupy 190,000 square feet of space at about $80 per square foot "on a 23-year lease that provides for rent increases every five years," a source told Bloomberg News. The Observer points out, earlier this year, the Port Authority "transferred rent incentives once intended for a JPMorgan Chase tower downtown to the Freedom Tower, perhaps a sign that Vantone will benefit from the subsidies, valued at $5 a square foot." The deal is expected to be announced tomorrow; Freedom Tower is expected to be completed in 2013. Developer Larry Silverstein is reportedly looking for some more help to finish the other towers at the site.

Developer Larry Silverstein announced yesterday that he will build an 80-story building at 99 Church Street, in place of the former Moody's headquarters, just a block away from the World Trade Center site. Twenty-two floors will be for a Four Seasons hotel; the other floors will include 143 condominiums, making it the "tallest residential structure" in the city.

Wow - yet depressingly not surprising: The Port Authority will have to pay World Trade Center developer Larry Silverstein $300,000 for every day past December 31, 2007 that it does not turn over a part of the WTC site. The payment could be as much at $13.5 million or as little as $9.3 million.

Five days before the sixth anniversary of the 9/11 attacks, developer Larry Silverstein released yet another round of renderings of the three Greenwich St. towers that will rise along the eastern edge of the 16-acre World Trade Center site. The final designs were unveiled yesterday at 7 World Trade Center. The buildings are scheduled to begin construction in January.

In another sign that progress is being made at the World Trade Center site, the first of the steel beams to be used in the building of the Freedom Tower will be on display at Battery Park City tomorrow. Starting at 10 a.m. relatives of 9/11 victims and first responders will be able to sign the thirty-ton beam. Between noon and 3 p.m. the public will be allowed to also sign the beam, which will be at the intersection of North End Avenue and Murray Street.

World Trade Center developer Larry Siilverstein might be starting a global war of the words as he now claims a deal company Beijing Vantone to rent the top 7 floors of 7 World Trade Center has collapsed. Silverstein says the Chinese real estate company failed to meet a deadline for a security deposit (for the fourth time), but Vantone's spokesperson says lease negotiations only ended 10 days ago. The NY Times suggests that Silverstein may be fishing for tenants who can pay more than Vantone, as Midtown commercial rents continue to climb. The deal with Vantone was intially announced in January, which is light years ago in terms of the real estate market. While you can't blame Silverstein for trying to get top dollar for the space, we wonder if the city and state will intercede, as having a Chinese company would be good for global relations. According the Silverstein Properties website, the floors marked for Vantone have a "lease pending."

Almost two years ago, the cornerstone at Ground Zero was placed at the World Trade Center site. But now it's been moved to Hauppague, NY! The NY Times reports that the largely symbolic slab of granite was moved in order to accomodate the new designs for the space, as there's been a new Freedom Tower design in the meantime. Developer Silverstein Properties said the cornerstone "needs to be repositioned to make sense in the new building." But don't fear: It will be on display at Innovative Stone where it was made - you need to make an appointment though. Well, at least people will be able to see it (we're trying to find the silver lining, because it's too easy to complain about anything to do with the WTC rebuilding process).

At noon today, Suzanne Vega and Lou Reed will play a free concert at the opening of 7 World Trade Center. As we all know, 7 WTC is the only tower to be rebuilt since 9/11; the plaza already opened this week.

Wow, this is the happiest we've ever seen World Trade Center leaseholder Larry Silverstein, pictured here with Silverstein Properties vice president Janno Lieber, after announcing that he will accept the Port Authority's deal (ultimatum) over the development of Ground Zero. (Usually, in photographs, you can tell he's not the happiest camper.) There are still a couple "logistical issues" for Silverstein and the Port Authority to work out, but he has agreed to the recent proposal of (1) giving the Port Authority control of Freedom Tower - though Silverstein gets to build it; (2) control of three additional buildings along Church Street, (3) building a mall (co-designed with the PA) with an opportunity to buy the mall later, and (4) taking a lower developer's fee.

Mayor Bloomberg gave his State of the City address yesterday, and while he revisited many initiatives (development across all boroughs, crime and safety), there were two new ones and they were big. One was a call for unions to accept concessions on pensions and healthcare - which alreday has some unions up in arms. The other was World Trade Center leaseholder Larry Silverstein to ship out of Towers 3 and 4. Here's that part of his speech:

Most importantly of all, this year, as we push forward on the redevelopment of the World Trade Center, we need to push aside individual financial interests and focus on what's best for our city. That means it's time to pick up the pace of commercial construction, and to build for uses that reflect the realities of the market and the needs of Lower Manhattan -like the retail development that's so crucial to linking the site back into the life of the city.

Continue reading "Mayor's State of the City Means Silverstein Needs to Hustle"