NEW YORK | 200 Greenwich St (2WTC) | 1,348 FT | 88 FLOORS | ON HOLD


#1188

Your posts are relevant anakinra. It pertains to discussion about the property or thread discourse. Its all relevant.

Half the time, developments, their progression through the soft/hard cost stage is political in nature. There’s a lot of politics going on with developments. Especially on the local level, and at times, like with transit, state gets involved.

Its all relevant so long as its tied to the development.

2 WTC is very political in nature. So its really one of the exceptions and a case study on how not to manage a development.

I think under a better developer, this would have risen. Silverstien properties has managed this horribly.


#1189

Thanks for that, appreciate it. 2 WTC along with the rest of the WTC site is all so heavily political and emotionally-laden (hence my off-color post about the Saudis).


#1190

I think Silverstein is a good developer.

Building a massive amount of office space at the same time Hudson Yards is going up and Midtown East is being rezoned is not ideal.

Four, Seven, and Three World Trade Center have added around 6.3 million square feet of office space to Lower Manhattan. All done extremely well by Silverstein. Then, you’ve got to consider he’s competing with One World Trade, that is home to 3.5 million more square feet of office space. Then you’ve got Hudson Yards. And now you’ve got to deal with Midtown East’s resurgence.

In time, Two World Trade will rise, and it will be glorious. But this isn’t China- you’re not going to build an enormous office tower without a sizable tenant.


#1191

Thank God Silverstein’s not in charge of a building like 425 Park: he’d shave off the fins and glue wooden sticks on instead.


#1192

Knowing this tower is searching for an anchor, I sigh a bit every time I read news of a 100k+ sf tenant landing in midtown.


#1193


“now, we’re deeply involved in negotiations for Tower 2 [at 200 Greenwich Street], which will be 2.8 million square feet”
Same news, but hopefully we get good news soon


#1194

The better part of that article:

Has your World Trade Center vision been realized, so far?
It has been totally realized. We just have to finish Tower 2. And once that’s done then I’ll say, “Ok, I quit.
I’m gonna find something else to do with my time.”

What will you do?
Well, I don’t know, because that will be 2022 and in 2022 I’ll be 91 years of age. But I’ll find something else.

Guess he’s still determined. We shall see.


#1195

Does that mean they made all of the schematics and plans for 2 WTC?


#1196

Larry seems pretty adamant that this will be done by 2022.

Very encouraging.


#1197

Hopefully Larry can get a deal done by the end of next year.

I don’t mind which design is built at this point. Although I prefer Foster’s, the BIG design is nice as well.


#1198

He’s said stuff like this before.

There’s one glaring problem: he has no tenant.

And BIG’s design is not only bad — it’s truly terrible.


#1199

I think that he’ll find a tenant. The demand in NY is insatiable.


#1200

The last time Larry said this, he actually had a tenant (News Corp). They just backed out.

Then Deutsche Bank flirted with it, but they have lots of problems.

Larry is a good developer, and I have faith he’ll pull this off.


#1201

Is Larry S really that great a developer?

Don’t get me wrong, he seems sharp as a knife esp for his age, but besides the Stern building on Park Place what have they done that’s so great the past 20 years?

If he were so awesome Durst wouldn’t have needed to take over a big chunk of WTC. I trust Durst over Silverstein to develop a great property any day of the week.

3 Hudson Boulevard will rise before 2WTC and that’s shame because Moinian is no Silverstein


#1202

Larry has built 7, 4, and 3 WTC. Massive buildings. They are either fully leased or are filling up.

There was a massive post-9/11 legal dispute that left One World Trade out of his scope of influence.

Durst did not develop One World Trade, that was the Port Authority. Durst just operates it and owns a small stake.

3 Hudson will NOT rise before 2 WTC, if I were a betting man.


#1203

5 World Trade Center is the tower we have seen the least amount of progress on, and that is no surprise since Larry is not behind it. The Port Authority is, and they are not real estate developers at all.


#1204

Durst butchered 1 WTC. It’s tragic what he did to the spire and west street plaza. He was smart because he waited for Chris Ward (the P.A. executive who would not let him make those changes) to leave before he tried again. The whole maintenance excuse was a cop out to save a few million. The whole redevelopment has been a messy cluster f*ck. Too many conflicts of interest and wasted opportunities. The new towers are all handsome in their own right, but were going on 18 years with only 75% of the complex completed. It’s infuriating.


#1205

Durst has much more liquidity to build large projects on spec, but so far it seems that Larry has an amazing track record filling up his buildings and turning around properties for the better. I don’t think anyone would have better luck— this will be an incredibly difficult situation for whichever developer tries their hand at it.
Some stuff has just been out of his control— Fox and Deutsche would have made amazing anchor tenants for the building, but Fox withdrew because they were afraid of the financial commitment to such a large building, and deutsche is literally falling apart at the seams from all their legality issues around the world. This seems like bad luck more than anything else.
Furthermore, Larry seems to desperately want this to finish before he dies because it’s essentially been his life’s work for the last 20 years + to turn around the WTC


#1206

Silverstein catalyzed the redevelopment of the West Side with his 42nd street towers.Do you think Hudson Yards would have gone forward in its current format without proof that there was demand for such a location?


#1207

1 WTC is 81% leased (maybe more), 7 WTC and 4 WTC are both effectively 100% leased. 3 WTC is about 57% leased I believe and one of the new tenants is McKinsey. Having the world’s most prestigious consulting firm as a main tenant will hopefully further propel leasing activity for a building that only opened a few months ago.