Although rebuilding efforts at the World Trade Center site look promising, the deals that are backing construction are tenuous as best, the New York Post is reporting this morning.
According to the article, “The Port Authority’s 1 WTC is pushing skyward, and Larry Silverstein’s 4 WTC should start major construction soon. The towers together would restore about half of the Twin Towers’ 8.8 million square feet of office space.”
However, two impending deals between Silverstein, Durst and the Port Authority could potentially fall through, leaving the World Trade Center site with just its memorial pool, empty space and a near empty office building.
Silverstein still needs to iron out details on converting nearly $1 billion in Liberty bonds into a construction loan. The funds, which are currently in escrow, must be converted soon if development is to be finished by 2013. Durst, who was just announced as the latest developer on the 1 WTC site, is still hammering out a deal which would ensure a partnership stake on his development.
Gee! We thought there was real no holds barred progress happening. To find out more about the intricacies of the details read the announcement here.
How do you feel about this? Does this surprise you or should this be no cause for concern?
In a new interview published by Hotelworldnetwork.com, details are coming forth about the new Conrad luxury hotel slated to open in Q4 2011.
The interview with head of luxury brands John T.A. Vanderslice discusses the Hilton’s luxury brands strategy in opening up its 5th United States location in Battery Park City.
According to Vanderslice, “Conradâ€™s forthcoming entry in the New York City market is indicative of the brandâ€™s formidable development pipeline which also includes future properties in other important global cities such as Dubai and Beijing With regard to the timing of the Conrad New York announcement, our development decisions are made for the long-term and there are many indications that the luxury segment is rebounding with demand on the rise. Additionally, there is currently a relatively low luxury supply in New Yorkâ€™s Financial District so we hope to satisfy an important and growing market need.”
Considering there is a Ritz Carlton and a W hotel within a two block radius of Ground Zero, we’re not certain we agree with that sentiment.
Vanderslice also goes on to point out features of this new luxury hotel,
“A distinguishing feature of the Conrad New York will be the hotelâ€™s typical room size. Typical rooms will average between 500 and 550 square feet, which is extremely generous by any standard, let alone by the space-conscious standard of New York hotels. Additionally, like all Conrad properties, the Conrad New York will feature the smart luxury, flawless service, and technological sophistication that enable guests to enjoy the rare luxury of being themselves.”
Keeping true to the hotel brand’s philosophy, “The luxury of being yourself.”
In a press release for the hotel, the proximity of the hotel to the Freedom Tower is being heavily touted. As well as a noted commitment to providing high end amenities and dining establishments within the hotel,
“The soaring, sunlit 15-story atrium lobby features a dramatic Sol LeWitt art piece rising 13 floors above the check-in desk. Â Each luxuriously appointed guestroom will feature an average of more than 550 square feet, a minimum of two flat panel televisions and a full complement of contemporary electronic features. Â Conrad New York will also feature upscale dining and beverage outlets that are consistent with Conradâ€™s global definition of luxury. Â Interior design is being styled byÂ Kohn Pedersen Fox Associates,Â Office dA andÂ Remedios Studios.
In addition, more than 17,000 square feet of flexible meeting space will ensure that guests can stay connected and meet in comfort, supported by state-of-the-art technology and meeting facilities. Â A 6,000 square foot Grand Ballroom is designed to accommodate conferences and social gatherings for more than 600 participants.
Existing Conrad properties in the United States include Conrad Miami, Conrad Chicago, Conrad Indianapolis and Conrad San Juan.”
Crains New York Business.com is reporting that the New York Daily News has signed a lease to move into our area next year. The publication is currently located in midtown and its new offices will be located at 4 New York Plaza at the corner of Water Street and Broad.
According to owner Mort Zuckerman, “This location will provide our employees with a modern new home.”
Its related corporate entity, U.S. News & World Report Media Group which are also slated to move into the building — renting two floors at 4 New York Plaza.
American Media Inc., an unrelated publishing company has also announced that they too will be moving into the same building.
Considering that Mansueto Ventures, home of Inc and Fast Company are located at 7 World Trade Center paired with rumors that Conde Nast will be a tenant at the World Trade Center — Downtown Manhattan is slated to become a new hub for American media.
The developer of the Park 51 mosque and community center, formerly known as the Cordoba Initiative — has put his ambitions on the record with the Wall Street Journal for the impending World Trade Center mosque to be a significant architectural structure in New York City.
“I want to build something that when people come to New Yorkâ€¦that Park51 is on that red tour bus as something that they have to see because it’s one of the most significant buildings in New York City,” says El-Gamal in the Wall Street Journal.
El-Gamal’s architectural team could be a great indication of his potential success, but has not named a team just yet. However, he has noted that two buildings he considers great examples of the architectural direction of the mosque include the steely Cooper Union building in Astor place and the glass behemoth 7 World Trade Center building.
According to the same article it was noted that the design would evoke modernity and would not necessarily adopt a traditional mosque style, “It’s definitely going to be an expression of New York and of America,” Mr. El-Gamal said in an interview Friday, a few days after his project, now dubbed Park51, came under fire at a raucous Landmarks Preservation Commission hearing.”
The slated location for the Park51 mosque has already been converted into a makeshift mosque with nearly 400 Muslims who journey to the location at 45-51 Park Place for Friday prayer service.