August 16th - August 20th, 2010

Silverstein Predicts Site Ready in 6 Years

August 17 – The developer spoke to NY1, saying he is “thrilled with the acceleration and the reality of what’s transpiring before us on a daily basis” at the WTC site. Silverstein thinks construction on the site will wrap up in five to six years. The Port Authority wouldn’t confirm the developer’s timetable but did say in a statement, “Silverstein is so optimistic he says he’s already talking to potential tenants for Tower 4.”

Fulton Street Center Milestone Reached

August 18 – The foundation of the main transit center building is complete; so is the underpinning of the historic Corbin Building. The MTA told NY1 the $1.4 billion project is now on schedule to open June 2014. The Fulton Street Transit Center will link five subway stations to the PATH station, WTC and World Financial Center, providing connections for 300,000 riders each day.

Construction Unemployment Falls but Remains High

August 18 – The July jobless rate is 17.3%, down from 20.1% the previous month. The US Bureau of Labor Statistics says about 10,000 construction workers returned to work. Engineering News Record reports construction employment is at a 14 year low, adding some workers have left the construction field and others have stopped looking for work.

St. Nicolas Greek Orthodox Church Seeking Help to Rebuild

August 19 – The Greek Archdiocese of America claims the Port Authority has reneged on a deal to provide $20 million to help it rebuild at 155 Cedar Street, but the PA told WPIX TV, it will cover the cost of the foundation, but the church won’t be built with taxpayer funds. The church claims former Governor Pataki promised the state would foot the bill; the PA says the church wanted $20 million up front.

Major Developer Loses in Bankruptcy Auction

August 19 – The vacant piece of land at 133-135 Greenwich Street has been sold to Greenwich Thames Realty, according to The Wall Street Journal. The paper says the little-known company trumped Sam Zell Equity Residential, which apparently bid less than the winning bid of $19.6 million which was less than half what the previous owner paid for the parcel in 2007.