Silverstein Properties' redevelopment of the World Trade Center site has been by and large a success story. Yes, the Lower Manhattan office market is struggling in the wake of the pandemic, but in the past two decades the developer has still managed to transform a desolate location of almost unfathomable heartbreak into a campus of well-regarded skyscrapers hosting many blue-chip tenants.The glaring missing piece in this is 2 World Trade Center, the final office tower in the complex that Silverstein Properties has yet to begin construction on after multiple false starts. The developer will not begin work on the project until it secures an anchor tenant, and although it has gotten close to doing so several times, it has yet to close a deal.Sources familiar with the site pointed to multiple reasons why erecting this particular tower has been such a challenge, including the current state of the city's office market, the relative lack of subsidies for its construction and the massive size of the project. Company Chairman Larry Silverstein also detailed a few of the setbacks in his recent book on the topic. The sheer amount of hurdles can sometimes make the project seem cursed, but Lynne Sagalyn, a Columbia Business School professor and author of the book Power at Ground Zero, said it has merely been the victim of a tough market."I don't think it's a jinxed site," she said. "Silverstein as a company is well established and knows how to run these kinds of buildings, knows how... Continue reading at 'Crains New York'
[ Crains New York | 2024-10-17 09:48:11 UTC ]
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Written By: Graeme Neill Publication Date: Fri, 04/02/2011 - 09:07 The starting gun has been fired for the Bookseller Industry Awards, which this year have been expanded with two new categories celebrating public libraries and childrens publishing. The awards, which run on 16th May during... Continue reading at The Bookseller
[ The Bookseller | 2011-02-04 00:00:00 UTC ]
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For many publishers, "e-commerce" means dabbling in sales of intellectual property, such as work plans (August Home Publishing, Hanley Wood). Continue reading at Folio Magazine
[ Folio Magazine | 2011-02-03 00:00:00 UTC ]
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Written By: Benedicte Page Overdrive c.e.o. Steve Potash has said there is enthusiastic support for library e-lending from many trade publishing houses, describing fears over remote downloading as not a real issue. Potash was visiting London this week for talks with the major publishers,... Continue reading at The Bookseller
[ The Bookseller | 2011-02-02 00:00:00 UTC ]
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Hearst Corporation has made a "binding offer" of 651m (£559m) for Lagardère's international magazine business, which includes a licensing agreement for fashion magazine Elle. Continue reading at Media Week
[ Media Week | 2011-01-31 00:00:00 UTC ]
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There was no shortage of debates and discussions at last week's second annual Digital Book World, where about 1,300 members of the trade publishing industry turned out in New York to explore ways to navigate the digital transition. Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-01-31 00:00:00 UTC ]
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Summit Business Media has joined the ranks of publishers seeking to reorganize and slash debt through a voluntary Chapter 11 bankruptcy. Continue reading at Folio Magazine
[ Folio Magazine | 2011-01-26 00:00:00 UTC ]
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