2014 year in review

Larry Silverstein Feels ‘Pretty Damn Good’ About Downtown

Larry Silverstein

Few people can sit in their office, crane their head slightly, and point out the window to the nearby skyscrapers they own. Larry Silverstein can.

The 83-year-old chairman of Silverstein Properties and master leaseholder and developer of the World Trade Center site invited Commercial Observer into his office on the 38th floor of 7 World Trade Center, motioning both in the direction of the existing and rising towers on the Trade Center site and the almost-topped out condo and Four Seasons hotel by Robert A.M. Stern at 30 Park Place. “It’s exciting as hell,” Mr. Silverstein said with his signature enthusiasm. Read More

The Lobby

Silverstein Appoints Tal Kerret President

Tal Kerret

Silverstein Properties has named current chief investment officer Tal Kerret the company’s president, Silverstein chairman Larry Silverstein announced this morning.

Mr. Kerret joined Silverstein as an executive vice president in 2011, originating the Silver Suites Offices shared office space at 7 World Trade Center and managing the corporate and short-term rental housing at the Silver Suites Residences at Silver Towers and at Beekman Tower, company officials said. Read More

Mortgage Observer

With 3 WTC Financing Finally a Done Deal, What Comes Next?

Rendering of 3 World Trade Center.

Silverstein Properties scored a big win in late October after selling 1.6 billion in tax-exempt Liberty Bonds, paving the way for full construction of the firm’s long-stalled 3 World Trade Center tower. The financing marks the largest-ever unrated bond deal in the municipal market.

“The availability of that capital gives us the ability to lift the building above the eighth floor, where it is today,” Silverstein Properties Chairman Larry Silverstein said at a Commercial Observer breakfast panel on Nov. 5. Read More

Power Broker

Daniel Libeskind Memorializes, Moves Forward

Daniel Libeskind. (Arman Dzidzovic)

World Trade Center master planner Daniel Libeskind’s office library contains nearly a dozen bookcases filled with books about philosophy, religious studies, history, travel, literature, art, architecture, design and other fields and genres. And when Commercial Observer visited Studio Daniel Libeskind three blocks south of the trade center site, he described the necessity in his work of the same four components Herman Melville wishes for in Moby Dick: time, strength, cash and patience.

He had invoked the same line a few days days earlier during a trade center construction update event at 4 World Trade Center timed for the week of the 13th anniversary of the 9/11 attacks. The four necessities have helped rebuild the site where 2,753 New Yorkers lost their lives and fulfill the vision that guided the nation-sized group of stakeholders to the site’s current status, he told a room full of local and international media outlets and several of the interested parties themselves. Read More

Lease Beat

Investment Research Company Signs for 30K SF at 4 WTC

4 World Trade Center

Independent investment research provider Morningstar will move its New York City offices from Midtown to downtown in the middle of 2015 through a 10-year, 30,000-square-foot lease at 4 World Trade Center, Silverstein Properties announced today.

The company that currently operates out of a 7,500-square-foot office at 1065 Avenue of the Americas near Bryant Park will join the city government of New York, trade center site owner the Port Authority of New York & New Jersey and the MediaMath company at 4 WTC by taking space on the 48th floor of the award-winning 2.3-million-square-foot skyscraper designed by Fumihiko Maki, said Joe Mansueto, chairman and CEO of Morningstar. Read More

Hotel Beat

Silverstein Showcases 30 Park Place Hotel and Condos

30 Park Place

Less than an hour after he left the stage at an event about the World Trade Center‘s progress ahead of the 9/11 anniversary, Silverstein Properties chairman Larry Silverstein invited reporters for a look at the Four Seasons hotel and condo development that’s rising just two blocks away from the trade center complex at 30 Park Place.

The 926-foot Robert A.M. Stern-designed building will feature 189 hotel rooms on the first 39 floors and 157 luxury condos leading up to the 82nd floor, including 11 penthouses with outdoor terraces starting on the 75th floor, when it opens in early 2016, according to Silverstein. Read More

World Trade Center

Silverstein, Officials Hail WTC Progress On Anniversary

WTC update

World Trade Center developer Larry Silverstein, master plan architect Daniel Libeskind and Port Authority of New York & New Jersey Vice Chairman Scott Rechler praised the progress of the 16-acre trade center site today in a “World Trade Center update” event timed for the week of the Sept. 11 anniversary.

Messrs. Silverstein, Libeskind and Rechler and a slew of other officials sought to draw attention to the strength of the downtown real estate market, Mr. Libeskind’s vision for the site and the now-on-track construction schedule as the process of rebuilding on the site nears the end of its 13th year. Read More

Mortgage Observer

Silverstein Properties Refinances River Place With $230M Wells Fargo Loan

River Place.

Wells Fargo provided a $230 million Fannie Mae loan to Silverstein Properties to refinance its River Place rental tower at 650 West 42nd Street on the corner of 12th Avenue, the borrower confirmed to Mortgage Observer.

The seven-year interest-only loan carries a rate below 3.5 percent and replaces existing securitized debt on the property that is nearing maturity, Silverstein Properties Chief Executive Officer Marty Burger said. Ackman-Ziff served as a broker on the transaction. Read More

Wrecking Ball

Silverstein Seeks Demo Permit for Hudson Yards Tower [Updated]

Rendering of 520 West 41st Street

Larry Silverstein‘s Silverstein Properties is seeking a permit to demolish a Hudson Yards building, according to a Department of Buildings document. That would pave the way for the developer’s planned mixed-use tower, which would soar 1,100 feet into the sky.

Attorneys for Silverstein Properties presented their case for changing the zoning of the Hudson Yards site at 520 West 41st Street in the proposal’s first public hearing at the Department of City Planning at the end of last month, as Commercial Observer previously reported.  Read More

Mortgage Observer

PA Board Votes Down Guarantee for 3WTC, But Paves Way For Tower To Rise

A rendering of 3 World Trade Center

The Board of Commissioners of the Port Authority of New York and New Jersey voted unanimously today for a new financing scheme for the completion of office tower 3 World Trade Center, but stopped short of issuing a $1.2 billion loan guarantee.

The plan retains most of the funding provisions in the original 2010 agreement between the Port Authority, which owns the 16-acre site, and Silverstein Properties, which is developing it. Read More

World Trade Center

Slideshow: Inside the World Trade Center

11 Photos

Midtown Manhattan

Silverstein Properties invited Commercial Observer for an exclusive three-hour tour of the ear-popping existing buildings on the World Trade Center site, and the views were stunning. Even after a difficult week in which the Port Authority of New York & New Jersey thwarted Chairman Larry Silverstein‘s effort to get additional construction financing for 3 World Trade Center, Read More

Cover Story

Tower Power Play: Up Close and Personal with the World Trade Center Amid Roiling Debate

4 WTC

The springtime breeze is nice on the 57th-floor outdoor terrace of 4 World Trade Center. With a vista stretching from the Statue of Liberty to the Empire State Building and across the East River to Queens, the building will reward employees of whatever company snaps up the available 34,000-square-foot floor with a break room in the clouds.

But far down below that rarefied air, there’s intense scrutiny of a potential construction loan to complete one of the six new towers at the site. The same goes for the memorial park, the transit hub, the retail center and the performing arts center that will also one day adorn the spot where the 9/11 tragedy destroyed the twin towers and their surroundings 13 years ago. Read More