SILVERSTEIN = MOOCHER IN CHIEF OF WTC = WELFARE QUEEN/KING
Port Authority = Again Delays Vote on 80-Story Tower at World Trade Center
Click for NYT Article on WTC Projects and PA
SILVERSTEIN = HAS HIS HAND OUT AGAIN FOR $2.3 BILLION = Build 80-story WTC Tower
He wants COMMUTERS to PAY FOR HIS BUILDING VIA NJ + NY PORT AUTHORITY!
Fierce debate about granting more public support for the project + Role PA should play = Sharp disagreement among PA members.
Kenneth Lipper = Publicly opposed Deal = Tolls should NOT Finance Real Estate Venture = “a scandalous reach into the public cookie jar.”
Scott H. Rechler of New York = GIVE SILVERSTEIN THE LOOT
Critics of Deal = Concerns about financial soundness of building at 8 stories without FUNDING
Critics of Deal = Sept 11 lane CLOSURE to GW Bridge = PA scandal and investigations = Involvement of Silverstein and Rockefeller with SAMSON and Christie.
Intense scrutiny of PA raises FUNDAMENTAL questions GOV WELFARE + CORRUPTION + CRONY FAVORS in lucrative Real Estate DEALS!
Intense scrutiny of power Politics + PA MISSION = manage/operate transportation
PA board members = Changed climate OF OPENNESS UNCOVERS EMBARRASSING DECISION MAKING AND MASSIVE CONFLICTS OF INTEREST!
PA MEMBERS = Complain of public airing of competing views in agency of secrecy
QUESTION = WHO PAYS FOR SILVERSTEIN’S WELFARE THIS TIME?
SILVERSTEIN = refuses CONCESSIONS to get his PA GUARANTEES of $1.2 Billion for construction.
SILVERSTEIN = Largely successful in PAST in securing public WELFARE money and favorable terms = PA + SAMSON SCANDAL ENDS THAT WELFARE!
PA = Deep in the SCANDAL on the GW BRIDGE and with SAMSON in Hoboken Rockefeller Scandal + SLUSH FUNDS related to STATIONS and PARKING SCAMS
PA + Samson Scandal = State and Federal Investigations = Threatened the CRONY C’R’APITALISM of NJ and NY.
PA = Patronage Mill + Piggy Bank for THE RICH to us on PET $BILLION Projects.
SILVERSTEIN = Sees a LOT HARDER SELL for his WELFARE!
SILVERSTEIN = 99-year lease for World Trade Center complex = FEW weeks before 9ll = PA supposedly wanted out of Real Estate Business.
SILVERSTEIN = To rebuild Got WELFARE FROM State and City Leaders = $4.5 Billion
SILVERSTEIN = Interminable negotiations to get HIS DUE
SILVERSTEIN = 2006 Surrendered control over 1 WTC = Tallest building in the country
SILVERSTEIN = Long struggle secured $1 Billion in WELAFE financing for 4 WTC
SILVERSTEIN = PA WELFARE agreement in 2010 = $600 million for 3 WTC
SILVERSTEIN = On 3 WTC needed a tenant for at least 400,000 sq.ft. of the 2.5-million-sq-ft tower and raised $300 million in cash. = OR construction would be halted until enough demand justified the new construction. = An advertising company lease 516,000 square feet to save his assets but was unable to secure private financing.
SILVERSTEIN = NOW WANTS PA to renegotiate the deal.
PA = SHOULD NOT BE INVOLVED AT ALL!
PA = Knows market in Lower Manhattan cannot support millions of sq ft of new space
Overall vacancy rate = 13% = GREAT FOR RENTERS PRICING
Immediate Area VACANCY = 1.3 million sq. ft in 1 WTC + 1.2 million sq. ft in 4 WTC = CITY + PA = only 2 tenants since 2006 (40% VACANT) + 2.0 million sq. ft at Brookfield Place + 1.5 million sq. ft at Chase Manhattan Plaza.
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