NY Observer > Silverstein Properties Inc. http://www.observer.com/taxonomy/term/30035/feed Articles from Observer.com en Port Authority To Owe Silverstein More Money for Delays http://www.observer.com/2008/port-authority-owe-silverstein-more-money-delays

The Port Authority today acknowledged that it will be late in delivering a key portion of the World Trade Center site to developer Larry Silverstein, owing him millions in penalties.

The bi-state agency said it will take until August to turn over the site for Tower 2, a space being excavated that it is obligated to turn over by July 1. The Port Authority will owe Mr. Silverstein $300,000 a day for each day that the site is late, the same penalty it faced when it missed a Jan. 1 deadline for the site for Towers 3 and 4, eventually owing more than $12 million.

In a statement, the Port Authority noted that the agency will now not be paying an incentive of between $8 million and $14 million that it was prepared to pay its contractors had they finished on time.  read more »

]]> http://www.observer.com/2008/port-authority-owe-silverstein-more-money-delays#comments Real Estate Larry Silverstein Port Authority of New York and New Jersey Silverstein Properties Inc. World Trade Center Wed, 11 Jun 2008 12:43:03 -0400 Eliot Brown 70548 at http://www.observer.com First Construction Contracts for Silverstein’s Trade Center Towers http://www.observer.com/2007/first-construction-contracts-awarded-silverstein-s-world-trade-center-towers

The contracts for the foundations of two World Trade Center towers have been awarded, Silverstein Properties announced today, as developer Larry Silverstein revs his engines before taking control of the site at the start of next year.

The contracts, totaling about $40 million, are fairly minimal given the approximately $7 billion cost of the three Silverstein towers on the site, though the contracts mark one of the first construction-related actions by Mr. Silverstein.

Press release after the jump.  read more »

]]> http://www.observer.com/2007/first-construction-contracts-awarded-silverstein-s-world-trade-center-towers#comments Real Estate Larry Silverstein Port Authority Silverstein Properties Inc. World Trade Center Tue, 20 Nov 2007 17:16:05 -0500 Eliot Brown 60755 at http://www.observer.com 7 World Trade Snags Two New Leases http://www.observer.com/node/35989 Larry Silverstein has filled two-thirds of 7 World Trade Center. Silverstein Properties announced on Tuesday that DRW Trading has leased 8,568 square feet on the 34th floor. The company should be moved in by August.

Also, Silverstein Properties announces Moody's will take an extra 80,000 square feet in addition to the 590,000 they already signed on for. Steve Cuozzo of The Post reported that one a few weeks ago.

That means 1.1 million square feet is taken and roughly another 500,000 to go for the city's most valuable downtown office building.

Full-release after the jump.  read more »

- John Koblin ]]> http://www.observer.com/node/35989#comments Real Estate Larry Silverstein Moody's Corporation Silverstein Properties Inc. World Trade Center Tue, 10 Apr 2007 13:24:07 -0400 Observer Staff 35989 at http://www.observer.com 99 Church to Go Hotel-Condo http://www.observer.com/node/35852 After months of speculation, Larry Silverstein has finally decided to convert 99 Church into a hotel-condo. The Real Deal has the scoop late this afternoon. Silverstein will build a 60-story mega-hotel-condo, with the first 20 floors turning into a ritzy hotel and the rest of the tower going residential.

Lauren Elkies quotes Lisa Silverstein, Larry's daughter and Vice President of Silverstein Properties, saying the site makes sense as condo since "there's zero competition."

"I realized there are just no grand Park Avenue apartments downtown, and I'd like to create that," Ms. Silverstein said.

So with Larry jumping on board--and Joseph Moinian building a W Hotel on Washington Street--is the swanky hotel the big new trend downtown? Who else is going to follow suit?

- John Koblin]]> http://www.observer.com/node/35852#comments Real Estate Larry Silverstein Lauren Elkies Lisa Silverstein Silverstein Properties Inc. Tue, 13 Mar 2007 14:08:11 -0400 Observer Staff 35852 at http://www.observer.com And To All A Good View of Lower Manhattan.... http://www.observer.com/node/35477 The Real Estate just got this wonderful, fuzzy, warm, delicious, inspiring holiday card from Silverstein Properties. Larry Silverstein, apparently, equates the holidays in New York with, well, the buildings planned for the trade center site, where he's the leaseholder. (Although, there is something inspiring about something - anything - finally rising there.) season%27s%20greeting.jpg - Tom Acitelli]]> http://www.observer.com/node/35477#comments Real Estate Larry Silverstein Silverstein Properties Inc. Thu, 14 Dec 2006 07:24:44 -0500 Observer Staff 35477 at http://www.observer.com Silverstein Buys Tower on Lex http://www.observer.com/node/35186
575 lex.jpg
575 Lex
Silverstein Properties and its new joint venture partner, a pension fund named the Califronia State Teachers' Retirement System (CalSTRS), made its first splash together on the Manhattan real estate scene, snagging 575 Lexington Avenue for $400 million.

According to Silverstein Properties, the partnership allows for "$2 billion in buying power" in Manhattan real estate. The tower on Lexington is at the corner of 51st street, has 35 stories and 600,000 square feet. The building's tenants include Cornell University, the law firm Boies, Schiller & Flexner and Radianz Americas, Inc., New York Sports Club and Staples.

CB Richard Ellis advised the transaction.

The full release after the jump.  read more »

]]> http://www.observer.com/node/35186#comments Real Estate California State Teachers' Retirement System CB Richard Ellis Group Inc. Silverstein Properties Inc. World Trade Center Tue, 03 Oct 2006 12:47:06 -0400 Observer Staff 35186 at http://www.observer.com The New Look at Ground Zero http://www.observer.com/node/35102
WTC Site by day (credit SPI, dbox).jpg
No more World Trade Center: It's Greenwich Street from now on. (Credit: Silverstein Properties and dbox)

From left, the Freedom Tower (David Childs) as we know and love it; and designs unveiled today for 200 Greenwich Street (or Tower 2, by Sir Norman Foster), 175 Greenwich Street (or Tower 3, by Sir Richard Rogers), and 150 Greenwich Street (or Tower 4 by Fumihiko Maki).

-Matthew Schuerman ]]> http://www.observer.com/node/35102#comments Real Estate David Childs Freedom Tower Fumihiko Maki Silverstein Properties Inc. Thu, 07 Sep 2006 09:00:11 -0400 Observer Staff 35102 at http://www.observer.com Vantone Responds http://www.observer.com/node/34924 The director of the proposed China Center at 7 World Trade Center says Beijing Vantone never agreed to Larry Silverstein's deadlines. Full statement, put out by the Partnership for New York City, which helped bring the deal together in the first place, after the jump. -Matthew Schuerman  read more »]]> http://www.observer.com/node/34924#comments Real Estate Beijing China Center Larry Silverstein Silverstein Properties Inc. Tue, 11 Jul 2006 12:49:08 -0400 Observer Staff 34924 at http://www.observer.com Another Day Older and Farther Behind http://www.observer.com/node/34892 A small story with broad implications: the other shrouded building at Ground Zero, CUNY's Fiterman Hall, won't be torn down anytime soon. The Daily News reported over the long weekend that the state Dormitory Authority rejected all bids for its demolition because they did not fully address environmental issues. Silverstein Properties has blamed the Barclay Street eyesore for slow renting at 7 World Trade Center, which is across the street. -Matthew Schuerman]]> http://www.observer.com/node/34892#comments Real Estate City University of New York System Fiterman Hall Silverstein Properties Inc. World Trade Center Wed, 05 Jul 2006 06:31:59 -0400 Observer Staff 34892 at http://www.observer.com The New Bogeyman Downtown http://www.observer.com/node/34880 Now that the Port Authority, the Governor, Mayor and Larry Silverstein are all in agreement about the World Trade Center, they are ganging up on the insurers who have yet to pay Silverstein more than $2 billion in court-ordered awards. Today, Governor Pataki's press office e-mailed a statement saying, "I have spoken with Governor Corzine and Mayor Bloomberg's offices and together we have asked the Port Authority and Silverstein Properties to commence appropriate legal action within the next several days to gain the resolution and assurances we need." Silverstein seconded that with a statement of his own.

Sources said a lawsuit could be filed early next week. Port Authority spokesman John McCarthy wouldn't confirm the schedule but said, "We are exploring our legal options."

Under the April 26 agreement, about 35 percent of the available insurance money was supposed to be transferred from Silverstein to the Port Authority to go towards the Freedom Tower but so far the insurance companies have not agreed that they would make the switch. Oh, and anybody who thought the Rebuild Them Now Movement was dead should check out the comments on our previous Freedom Tower post. -Matthew Schuerman ]]> http://www.observer.com/node/34880#comments Real Estate Freedom Tower Larry Silverstein Silverstein Properties Inc. World Trade Center Fri, 23 Jun 2006 12:00:00 -0400 Observer Staff 34880 at http://www.observer.com