Results tagged “larrysilverstein”

Tomorrow is the eighth anniversary of the September 11, 2001 attacks. And, the Port Authority tells us, there has been "major progress" at the site of the future National September 11 Memorial & Museum—apparently relatives of victims will be able to walk on the street-level plaza for the first time. Other stats: About 80% of the Memorial's steel (equivalent of 6,500 tons) has been installed, 20% of the concrete has been poured, and the Last Column was installed.

The Port Authority says it will turn over the World Trade Center site to developer Larry Silverstein in the next few days. Which means that the Port Authority, which owns the site, is within its target handover period the agency mentioned last month—yet it's still over a year past the various deadlines set to turn the land over. These delays have resulted in tens of millions in penalties (they rack up at $300,000/day) the Port Authority must pay to Silverstein.

Get ready to rumble: State Senator Bill Perkins (D-Harlem) says that his Senate committee, the Committee on Corporations, will hold a public meeting discuss development—or, rather, the slow pace of development—at the World Trade Center site. He told NY1, "We are literally still at ground zero when it comes to the monument and development of that site. It's a site that has local, national and international importance and it's important that we try to play a role in moving it along."

      

Another week, another World Trade Center dispute! Since the Port Authority—which controls the land at Ground Zero—and WTC leaseholder Larry Silverstein have been at odds over the funding of the massive redevelopment project, Governor Paterson decided to personally negotiate with Silverstein a few weeks ago. Paterson had given Silverstein an ultimatum to work with the PA or get out. But Silverstein has rejected Paterson's development proposals—the NY Times reports that in Silverstein's eyes, those plans "were unlikely to lead to building two of three skyscrapers planned for the World Trade Center site," which is what Mayor Bloomberg and Assembly Speaker Sheldon Silver want, too.

Hey, guess what? Over a year after missing the July 1, 2008 deadline to turn over the World Trade Center site to developer Larry Silverstein, now the Port Authority says the site will be ready! The Daily News reports, "Agency brass say that within the next two months, they'll turn over 'construction-ready land' to the developer - and stop paying him $300,000-a-day in late fees they've paid for more than a year. The handover of the World Trade Center parcel will start the clock ticking on a contractual deal that requires Silverstein to construct the Church St. buildings within five years - or else."

Now that the State Senate stalemate isn't occupying his time, Governor Paterson is directing this energy towards another mess: Ground Zero! World Trade Center leaseholder Larry Silverstein and WTC owner the Port Authority have been squabbling over who will finance planned towers—Silverstein wants the PA to foot most of the bill while the PA wants Silverstein to raise the money. Paterson said yesterday that public financing was out: "I think it’s unfair to the taxpayers, because you could go to the private equity firms, and they don’t want to extend that kind of credit. So I don’t think that the taxpayers should run a greater risk than what makes good business sense for a number of private institutions." He also floated the idea of public-private partnerships. The Port Authority said, “We appreciate Governor Paterson’s leadership and agree with his principled position on protecting public resources. In the meantime, the Port Authority will continue to make daily and visible progress on the Memorial, One World Trade Center, the Transportation Hub and the other public infrastructure," while Silverstein said, "I appreciate the governor’s direct involvement. I look forward to continuing these discussions.”

In the latest round of World Trade Center developer Larry Silverstein vs. World Trade Center owner Port Authority, Reuters reports that the PA has "rejected the use of more public money to guarantee financing for two private office towers" at Ground Zero. Apparently Silverstein only wants to put $75 million in equity into the two towers, which are estimated to cost $4.2 billion. The PA released the letter it sent Silverstein, which includes, "You demand that the public take on the risk that you and the private sector will not take. It is unrealistic of Silverstein Properties to demand this extraordinary level of public subsidy, and it is not going to happen." Silverstein had previously rejected the PA's demand that he raised $625 million towards the project. The slow pace of progress—not to mention rising costs—have raised suggestions that some buildings be scrapped or drastically downsized and Silverstein has threatened to take the matter into arbitration, which could delay construction even more.

Surprise, surprise: In the weeks since the various players in the World Trade Center's development met, nothing has happened! Even though politicians, including Mayor Bloomberg and Assembly Speaker Sheldon Silver (in "a startling alliance"!), have criticized the Port Authority for slowing the progress of Ground Zero's future, since the PA refuses to pay for all the towers that developer Larry Silverstein wants, the Port Authority hasn't budged. Now Silverstein has given the Port Authority two weeks to come to an agreement, or else he'll take the whole thing to arbitration. Which could mean more delays.

With all the squabbling over World Trade Center development—not to mention delays and ballooning budgets and talk of cutting buildings—a number of players (like the Port Authority's Anthony Coscia, Assembly Speaker Sheldon Silver, WTC developer Larry Silverstein,NY Governor David Paterson), met at Gracie Mansion today. But don't expect anything to come out of it. Mayor Bloomberg told reporters, "There will not be a grand announcement at the end of [this] afternoon that the days of wine and roses are here again.... If we can be a catalyst and provide a forum for them to get together - I would like to do that. It is in the interest of the city and this country to get development going at the World Trade Center site...There's no easy solution here. We'll try and come to an agreement."

A week and a half ago, it was revealed that the Port Authority was considering scrapping three of the planned towers at the World Trade Center site. Towers 2 and 3, designed by Sir Norman Foster and Sir Richard Rogers respectively, would instead be transformed into 4-5 story "stumps" (Tower 5 would be abandoned for now). Today, the Post shows renderings of the stumps, which are given the more marketing friendly term "retail podiums."

Yesterday, the Daily News reported that the Port Authority may consider to scrap three of the planned towers—Towers 2, 3 and 5— at the World Trade Center site, due to costs, delays and the economic downturn. Now the Post throws out the idea that the PA may actually opt for building luxury hotel and apartments at Tower 5, which seems "a stronger bet than holding out for a commercial tenant, now that JP Morgan is out of the picture." And Globe St. suggests that the PA only wants to delay Tower 2 and 3 construction until the real estate market is better (and needs millions more square feet). The PA and WTC developer Larry Silverstein have been at odds over Ground Zero plans, with the developer asking for more financial help and the PA unwilling (thus far) to pitch in any more. Silverstein Properties president of WTC properties Janno Lieber said, "The Silverstein team has not wavered on rebuilding the World Trade Center, and we never will." [Via Curbed]

Last Friday, Assembly Speaker Sheldon Silver said, "Seven years and eight months after the attacks, I am fed up with the stalling and exasperated with the current state of the World Trade Center project," outlining that two of the towers must be completed by 2014 and urging developer Larry Silverstein to take on more of the risk, with help from the Port Authority. Now, the Daily News reports that the Port Authority is proposing a drastic change to the plan that would reduce the square footage from 10 million to 5 million:

The sources say the agency's new vision for the site calls for scrapping one tower that would have been taller than the Empire State Building and nixing two others that would have dwarfed the nearby Woolworth Building.

Continue reading "Three WTC Towers May Be Scrapped From Ground Zero"

Patience is a necessary virtue when it comes to the World Trade Center site: According to the Daily News, a new study says "the World Trade Center won't be fully rebuilt and occupied until 2037 - a full 36 years after terrorists reduced it to rubble." The Port Authority commissioned the study from Cushman & Wakefield, which also predicts: 1) "Freedom Tower, won't be filled with tenants until 2019"; 2) it may take "12 years to fully lease [Larry] Silverstein's Tower 2" which might be "finished in 2014, but it won't be filled until 2026"; and 3) that Tower 3 construction won't start until 2026 with completion in 2030 and "full leasing in 2037." The Port Authority has control of Freedom Tower, while the three other towers at the site are being developed by Silverstein; Silverstein's company told the News, "The Port Authority's position seems to be based on a totally pessimistic attitude about New York's economic future. Our view is that New York will bounce back strongly over the next five years while we are building these buildings." Well, we can't wait until the Port Authority next timeline—see this one from last October for fun.

If you want to sigh just a little more about the development of the World Trade Center site, here you go: The Daily News reports, "The Port Authority is paying Larry Silverstein $21.5 million to develop the Freedom Tower - even though he has absolutely no role in building the 1,776-foot icon." Even though Silverstein handed over control of the building site to the Port Authority, the agency has been paying him $500,000/month in "development fees" and will keep receiving them until the middle of next year, which the News helpfully points out is the equivalent of "2.7 million George Washington Bridge tolls or 12.3 million PATH fares." The fees were written into the 2006 agreement, which also says the Port Authority can request Silverstein's company's help, but the News says the agency has never done so. The Port Authority says it's siply abiding by the contract, while Silverstein's spokesman told the paper, "We believe our expertise in office tower construction would be of tremendous value in getting the 1 World Trade Center project back on schedule, and our team remains at the Port's disposal."

      

A little Ground Zero drama: World Trade Center developer Larry Silverstein has reportedly asked the Port Authority for financial assistance. According to the Wall Street Journal, Silverstein wants money for "at least two of the three towers" while the Port Autority, which might be willing to "finance at least one...would require concessions from Mr. Silverstein, including possibly giving up some of upside profits should the towers succeed in the long term."

Updated: The Port Authority tell us that the construction worker was not pinned by a collapsed crane, as previously reported: "A crane maintenance worker fell 3 feet off a crane while doing routine maintenance at 7 a.m. He suffered minor injuries and was taken to St. Vincent's as a precaution." His injury is "not believed to be life-threatening." Last week, it as revealed that the Port Authority had to pay another $64 million in fines to WTC developer Larry Silverstein, for delays in turning over the site.

As if any government agency needs to go deeper into debt these days, it has been announced that despite protest, the Port Authority will in fact have to pay Ground Zero developer Larry Silverstein (pictured) a total of $64 million. The money is being paid for fines stemming from missing deadlines in preparing the site for its turnover. The authority was fighting the fines and claiming that they had prepared what they were supposed to by October 5, but arbitrators agreed with the developer who said that the remaining wall at the site known as "The Berlin Wall of Ground Zero" impeded building and warranted the fines. The daily fines will continue into the new year, when the Port Authority has already announced it will miss its next December 31 deadline. There has been no estimated date given for completion of the work. The Daily News points out that the $64 million owed by the PA is equal to 7.9 million trips across the George Washington Bridge.

Yesterday, a construction worker fell 50 stories to his death at a building site at 600 West 42nd Street. The victim was identified as Anthony Esposito, 48; authorities say he was wearing a safety harness but it was not attached to anything.

When questioned about troubled investment brokerage Merrill Lynch deciding not to move to Ground Zero (characterized as a "major setback" for development by the NY Times), Mayor Bloomberg struck an optimistic tone, "The properties that [developer Larry] Silverstein is building are very attractive. He can rent them at lower rents than midtown. He will have to do that to attract business." He added, "I'm assuming - I don't know for sure - their [Merrill's] current landlord has enticed them to stay and offered them a very good deal. That's just the marketplace working." Yeah, especially since Merrill announced $5 billion in losses yesterday. At least Bloomberg is apparently willing to pay the firm $4.5 billion in a buyback of Bloomberg L.P. shares.

After months of discussions, Merrill Lynch has ended talks about moving its headquarters to one of the planned towers at the World Trade Center Site. The NY Times describes this as a "major setback for the Port Authority" and Silverstein Properties.

Before going for the gold, French actress and Oscar winner Marion Cotillard made some remarks in a 2007 interview regarding 9/11, and some aren't as charmed by her words as they were by her Oscar speech. Nonetheless, Cotillard sides with the conspiracy theorists when it comes to 9/11...and the moon landing! BBC News has a partial transcript:

"We see other towers of the same kind being hit by planes, are they burned?" she asks. "There was a tower, I believe it was in Spain, which burned for 24 hours. It never collapsed. None of these towers collapsed. And there [in New York], in a few minutes, the whole thing collapsed."

Continue reading "Oscar Starlet Questions 9/11 (and Moon Landing)"

You may recall that the original Freedom Tower design had to be scrapped (because the NYPD thought it was too susceptible to attack) and redesigned with a concrete base. Now the Daily News' I-Team takes up concerns law enforcement officials have with "security weaknesses" in the new towers at World Trade Center.

Better late than never: The Port Authority turned over part of the World Trade Center site to developer Larry Silverstein. This parcel of land is where two of the five planned towers will be built.

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.

We got a NotifyNYC alert this morning:

The Port Authority will be doing construction blasting at the World Trade Center site today beginning at 8 a.m. There will be a total of 7 controlled blasts during the day. This is a routine construction operation and there is no cause for concern.

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.

After many attempts by World Trade Center developer Larry Silverstein and state officials to keep brokerage Merrill Lynch downtown, the NY Times reports the firm "appears ready" to move to a new, yet-to-be built skyscraper on Seventh Avenue between 32nd and 33rd Streets.

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.