July 12th - July 16th, 2010

Tower 3 Mobilization Begins

July 12 – Work began on Tower 3, with the mobilization or pre-construction stage taking place this week, according to Curbed.com. The site says the schedule from Silverstein puts the completion date at December 2014, a year after Tower 4 is set to be finished. Tower 3 is expected to have huge trading floors, under a Richard Rogers design.

Landmarks Commission Weighs Proposed Mosque

July 12 – The Commission held its first public hearing on whether the historic building on Park Place should be preserved. About 200 people attended; most of the speakers were in favor of landmarking the building. The 152 year old building is destined to be demolished to build a mosque, a proposal that has drawn heated debate from supporters and opponents. A vote by the Commission is not expected until August.

Commercial Property Sales Move Up

July 12 – Second-quarter sales volume reached $2.95 billion, up 16% from the first quarter of 2010, according to Eastern Consolidated. The report says at this time last year, sales reached just $930 million, the worst quarter ever. Lower Manhattan was the only market not posting strong gains. A report from Cushman & Wakefield says the area is still struggling to fill 18,330 square feet.  Midtown, meanwhile, was able to lease 866,000 square feet.

Incentives Lures Tenant to 77 Water Street

July 12 – A trial litigation firm, Seeger Weiss LLP, will be leaving 1 William Street, where it has been located for a decade, to take 21,500 square feet at 77 Water Street for roughly eight years, Real Estate Weekly reports. The story says the rent is likely in the low $30’s and work allowances of as high as $85 per square foot may also have been part of the deal.

Opening Nears for W Hotel

July 12 – July 20 is the day the ‘W’ New York Downtown Hotel and Residences at 123 Washington opens its doors to the public. Real Estate Weekly says a significant number of pre-sales have already taken place and international buyers are interested in the property – a 58 story 217 room hotel, 223 condos and the highest roof deck garden in the City.

Rumors of BoNY Moving to 1 WTC

July 13 – Talks are underway according to The New York Post between Bank of New York Mellon and the Durst organization to have the bank lease 450,000 square feet at the tower. The plan would reportedly have the bank sell its 1 Wall Street headquarters and move some of its workforce to 101 Barclay Street.

WTC Workers Will Participate in 9-11 Ceremonies

July 13 – This year, to mark the 9^th anniversary of the attacks, the City announced construction workers will be paired up with 9-11 family members for the reading of the names of those killed. NY1 reports the Mayor and Governor want the ceremony to recognize the progress being made in rebuilding the site.

Old New York Uncovered at WTC Site

July 15 – A row of wood timbers, the remnants of a 30 foot long wood-hulled ship, were discovered 20-30 feet below street level on the WTC site. The New York Times reports the ship dates to the 1700’s and was found as workers began excavating to build the VHC, Vehicle Security Center, on the southern edge of the site. And, a 19^th century river wall, measuring 40 feet, was also unearthed on the site. Archaeologists told The Battery Park City Broadsheet said the bulkhead marked the edge of Lower Manhattan in 1899, way before Battery Park City was built.

140 William Street Sold

July 15- It took seven months, but Kent Swig told Crain’s he is ready to sign a deal to sell the 7 story building for $11.5 million, about $3 million less than what he had hoped. The deal works out to about $239 per square foot, better than other recent sales downtown. No word yet on the buyer. There has been speculation that 140 William will be turned into luxury condos.

Parking Spaces Give Way to Café

July 15 – A portion of Pearl Street, between Coenties Slip and Broad Street, is being transformed into a pop-up sidewalk café. A row of parking spaces will be replaced with a wooden patio, according to DNAINFO.com along with lots of greenery and public seating. Several Pearl Street restaurants pushed for the café, saying the narrow sidewalk prevented them from offering outdoor seating.