NEW YORK | 200 Greenwich - 2 WTC | 1,226 FT | 55 FLOORS - Page 28

Aleks · #**541** Posted **Apr 4, 2009, 4:25 AM**

Don't mean to get off the subject but the footprint of the Freedom Tower is wayyy smaller than what I thought it would be!

NYguy · #**542** Posted **Apr 4, 2009, 3:55 PM**

Quote:

Originally Posted by Aleks0o01

Don't mean to get off the subject but the footprint of the Freedom Tower is wayyy smaller than what I thought it would be!

That's what sets it apart from the other towers - the footprint is about the same size as the original Twins. Ironically, it was conceived as having a larger or as large a footprint as the other towers. The performing arts center was to have been attached to the base of the tower under Libeskind's site plan.

NYguy · #**543** Posted **Apr 4, 2009, 4:19 PM**

Turnover date altered...
http://lowermanhattan.info/construction/project_updates/world_trade_center_tower_49193.aspx

Quote:

*The following information was last updated on April 3, 2009.

-Excavation; turnover to Silverstein expected in spring 2009
-The Port Authority is modifying the eastern edge of the temporary PATH station (on Vesey Street) to accommodate T2 construction

Nomadd22 · #**544** Posted **Apr 7, 2009, 1:57 AM**

How is that altered? March 31 was spring of 09 and they've been altering the PATH entrance for weeks. That update sounds kind of old.

NYguy · #**545** Posted **Apr 7, 2009, 11:31 AM**

Quote:

Originally Posted by Nomadd22

How is that altered? March 31 was spring of 09 and they've been altering the PATH entrance for weeks. That update sounds kind of old.

Sorry, thought it was obvious. March 31st is a specific date. Spring of 09 is not. That's how is was altered. For further explanation, that means it could happen anywhere between now and June of 09.

Nomadd22 · #**546** Posted **Apr 7, 2009, 11:41 AM**

It was obvious. I was just fulfilling my need to be a jerk at least once every day before 8AM.

I keep looking at activity at the 2 and 3 sites and just can't imagine what can be justifying PA losing 300 grand a day. You'd think they'd be throwing resources at the sites as fast as they could.
I know they only issued contracts for the steel needed for 1 Line underpinning last week. I hope they haven't decided that needs to be finished before handover.

At least Fulton St is making good progress. Looks like they about finished the steel there.

NYguy · #**547** Posted **Apr 7, 2009, 11:52 AM**

Quote:

Originally Posted by Nomadd22

I keep looking at activity at the 2 and 3 sites and just can't imagine what can be justifying PA losing 300 grand a day.

Keep in mind that they're getting rent from Silverstein that largely offsets what they're paying in fines.

Nomadd22 · #**548** Posted **Apr 7, 2009, 12:31 PM**

Quote:

Originally Posted by NYguy

Keep in mind that they're getting rent from Silverstein that largely offsets what they're paying in fines.

Not really. The rent is revenue unrelated to site turnover. They get the rent whether they turn over the site or not. The point is, they're losing 300 grand a day by not turning it over.

NYguy · #**549** Posted **Apr 8, 2009, 12:19 AM**

Quote:

Originally Posted by Nomadd22

Not really. The rent is revenue unrelated to site turnover. They get the rent whether they turn over the site or not. The point is, they're losing 300 grand a day by not turning it over.

You miss the point. Obviously the rent revenue is unrelated, I'm just saying they cancel each other out. Silverstein has been paying rent to the Port Authority for office space that does not exist. The late fee they are paying to Silverstein is simply him getting back some of the money he's paying. The PA isn't losing anything with the late fees.

Quote:

http://www.nypost.com/seven/12132008...wtc_144000.htm

The authority, which owns the 16-acre tract, will also miss a Dec. 31 deadline for final site preparation for Towers 2 and 3, the agency and Silverstein said in a joint statement. The authority's contract with Silverstein calls for penalties of $300,000 a day for missed deadlines.

"It might sound as if the Port Authority is being forced to pay a lot of money, but Silverstein Properties pays $215,000 a day in ground rent," Silverstein spokesman Bud Perrone said. "The penalty was always intended to make up for the loss of rent plus the cost of delay," as well as an incentive to get work done on time.

Nomadd22 · #**550** Posted **Apr 8, 2009, 1:12 AM**

The PA gets $215,000 a day if they turn the site over.
The PA loses $75,000 a day if they don't turn the site over.
It balances out for Silverstein since every day of delay is another day he doesn't get rent from his tenants. For the PA, every penny of that 300 grand a day is a loss. The rent they get is completely irrelevant since it has nothing to do with the site turnover.

NYguy · #**551** Posted **Apr 8, 2009, 11:04 PM**

Quote:

Originally Posted by Nomadd22

For the PA, every penny of that 300 grand a day is a loss. The rent they get is completely irrelevant since it has nothing to do with the site turnover.

Either you don't read, or you just don't understand. Silverstein has been using his insurance proceeds to pay the PA rent for the past few years. He has gotten some of it back in the form of "late" fees from the PA. The PA isn't losing anything with the fees.

Quote:

"It might sound as if the Port Authority is being forced to pay a lot of money, but Silverstein Properties pays $215,000 a day in ground rent," Silverstein spokesman Bud Perrone said. "The penalty was always intended to make up for the loss of rent plus the cost of delay," as well as an incentive to get work done on time.

Send me a pm if you still don't understand.

NYguy · #**552** Posted **Apr 9, 2009, 7:13 AM**

Quote:

Originally Posted by NYguy

Sorry, thought it was obvious. March 31st is a specific date. Spring of 09 is not. That's how is was altered. For further explanation, that means it could happen anywhere between now and June of 09.

Scratch that again...another update.
http://www.lowermanhattan.info/construction/project_updates/world_trade_center_tower_49193.aspx

The following information was last updated on April 9, 2009.

Port Authority turnover to Silverstein completed in early April 2009

CoolCzech · #**553** Posted **Apr 13, 2009, 12:23 AM**

Quote:

Originally Posted by Daquan13

Great pics!!

The top of Tower 2 still loks a bit reminiscent of Foster's previous design for
Ground Zero.

Hey, nice to see you posting again, Daquan! Where ya been?

NYguy · #**554** Posted **Apr 13, 2009, 10:52 PM**

From wtc.com (dated April 4)

talltowers08 · #**555** Posted **Apr 13, 2009, 10:58 PM**

aww theyve stoped work on this site where did all the diggers go ?

NYguy · #**556** Posted **Apr 13, 2009, 11:09 PM**

Quote:

Originally Posted by talltowers08

aww theyve stoped work on this site where did all the diggers go ?

They've been through with the site excavation for a while. The latest timetable has the PA turning the site over to Silverstein this month. Presumably, he will begin work on the foundation, and this will move to construction. That remains to be seen.

talltowers08 · #**557** Posted **Apr 14, 2009, 3:56 PM**

awsome we will all get a realy good vide of the core of this building from earth cam

eaalkaline · #**558** Posted **Apr 20, 2009, 9:40 AM**

is there any chance silverstein will delay the start of foundation work until he can get more of a financing commitment from the PA?

NYguy · #**559** Posted **Apr 20, 2009, 11:09 AM**

Quote:

Originally Posted by eaalkaline

is there any chance silverstein will delay the start of foundation work until he can get more of a financing commitment from the PA?

Apparently, Silverstein has a preference to get this tower built before Tower 3 if a choice has to be made. But either way, work on the foundations and bases of all of the towers has to get started. The PA isn't going to finance anything, but they have offered to build the base of the towers for Silverstein. But that option would have Silverstein delay the office construction above the towers, which he does not want to do.

CoolCzech · #**560** Posted **Apr 22, 2009, 5:57 PM**

I still don't get what the PA's vested interested in impeding the reconstruction of the WTC is... it's Silverstein's project, his risk.

Are they just beholden to other real estate interests?