Larry Silverstein, the head of Silverstein Properties, told a breakfast meeting held by The New York Post yesterday that his mixed-use tower to the west of the Woolworth Building does not have financing now and that the three office towers he plans to erect at Ground Zero will "all get done, not fast enough for me," according to an article in the Real Estate Weekly by Daniel Geiger.
He indicated that the residential condominium and Four Seasons Hotel he has planned at 99 Church Street, which is also known as 30 Park Place has been, according to the article, "paralyzed by continued dysfunction in the debt markets, which have cut off cash for development whose risk has been heightened by a faltering economy." The tower would be the city's tallest residential building and has been designed by Robert A. M. Stern, the architect of 15 Central Park West and the dean of the Yale University School of Architecture.
He stressed his commitment to the towers at Ground Zero: "when we're done in 2014, or 2015, 16, or 17...one of these days it will all get done."
Silverstein indicated that his plans to build the city's tallest residential building at 99 Church Street, complete with a Four Seasons hotel in its base, had been paralyzed by continued dysfunction in the debt markets, which have cut off cash for development projects whose risk has been heightened by a faltering economy.
"One of these days the world's going to come beck together again and financing will be available and we'll build this edifice," the article said that Mr. Silverstein said of the 30 Park Place project.
"Although the foundation of Tower Four is currently underway, work on World Trade Center Towers Two and Three have been delayed because the Port Authority, which owns the site, hasn't yet completed preparatory work it is required to finish before handing the adjacent development parcels over to Silverstein. Given the setback, it seems clear that the current development timeline for the two buildings is behind schedule. So far however, no formal reevaluation of the construction schedule for the towers has been released by either Silverstein or the Port Authority," the article said.
"If we start the towers today, the earliest Tower Four could get done is 2012, the earliest Tower Two could get done is 2014, the earliest Tower Three could get done is 2015 or 2016," Silverstein was quoted as stating, adding that "If the world isn't coming together by 2014, 15 or 16, forget it, go and hibernate somewhere."
He indicated that the residential condominium and Four Seasons Hotel he has planned at 99 Church Street, which is also known as 30 Park Place has been, according to the article, "paralyzed by continued dysfunction in the debt markets, which have cut off cash for development whose risk has been heightened by a faltering economy." The tower would be the city's tallest residential building and has been designed by Robert A. M. Stern, the architect of 15 Central Park West and the dean of the Yale University School of Architecture.
He stressed his commitment to the towers at Ground Zero: "when we're done in 2014, or 2015, 16, or 17...one of these days it will all get done."
Silverstein indicated that his plans to build the city's tallest residential building at 99 Church Street, complete with a Four Seasons hotel in its base, had been paralyzed by continued dysfunction in the debt markets, which have cut off cash for development projects whose risk has been heightened by a faltering economy.
"One of these days the world's going to come beck together again and financing will be available and we'll build this edifice," the article said that Mr. Silverstein said of the 30 Park Place project.
"Although the foundation of Tower Four is currently underway, work on World Trade Center Towers Two and Three have been delayed because the Port Authority, which owns the site, hasn't yet completed preparatory work it is required to finish before handing the adjacent development parcels over to Silverstein. Given the setback, it seems clear that the current development timeline for the two buildings is behind schedule. So far however, no formal reevaluation of the construction schedule for the towers has been released by either Silverstein or the Port Authority," the article said.
"If we start the towers today, the earliest Tower Four could get done is 2012, the earliest Tower Two could get done is 2014, the earliest Tower Three could get done is 2015 or 2016," Silverstein was quoted as stating, adding that "If the world isn't coming together by 2014, 15 or 16, forget it, go and hibernate somewhere."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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