As those who read my post from yesterday learned, at the height of the Bridgegate commuter obstruction exercise, when it was being abruptly halted, long before its 30-days+ planned time horizon -- Port Authority Chairman Samson discussed his options with somebody, via their private sector e-mail accounts. And that someone was Scott Rechler.
[ To: Scott Rechler, CEO and Chairman RXR Realty { ...@RXRRealty.com } ]
On Sep 18, 2013, at 5:45 AM, "Samson, David" { ...@wolffsamson.com }
wrote:
Scott: I just read it and it confirms evidence of Foye's being the leak, stirring up trouble -- this is yet another example of a story, we've seen it before, where he distances himself from an issue in the press and rides in on a white horse to save the day (if you need prior examples I will provide) -- this case, he's playing in traffic, made a big mistake. D.
[emphasis added]
Email from David Samson -- pg 919
So who was this Scott Rechler, that David Samson had to discuss things with at 5:45 AM, on the day that their Traffic Jam plans were about to come to an unplanned end?
Would you believe Scott Rechler is the Vice Chairman at the Port Authority, second in command to Samson, according to recent events -- Now that Samson has started to rescue himself.
Would you believe Scott Rechler is busy trying to guarantee another Billion dollar project for Silverstein Properties -- Now that banks have balked on the chance to finance it:
Developer’s Skyscraper Is Focus of Latest Dispute at Rebuilt Trade Center
by Charles V. Bagli, nytimes.com -- March 16, 2014
[...]
The dispute, which pits one appointee of Gov. Andrew M. Cuomo against another, will come up for a vote Wednesday. This is only the latest fracas involving money, the future of the downtown district, the level of public investments and the symbolic value of closing some of the wounds opened by the terrorist attack.
Proponents, led by Mr. [Larry] Silverstein and Scott H. Rechler, the authority’s vice chairman, contend that the tower, 3 World Trade Center, would essentially mark the completion of the new trade center and spur the continuing transformation of Lower Manhattan into a vibrant, 24-hour commercial and residential district no longer reliant on the financial industry.
Critics argue that it makes no sense to subsidize another downtown office tower with plenty of vacant space that would compete for tenants with other nearby buildings and the Port Authority’s own, half-empty tower at 1 World Trade Center, one of the world’s most expensive skyscrapers.
[...]
But Mr. Silverstein could not obtain financing for the project. Lenders today usually want 50 percent of the building leased before they are willing to lend money.
But never let that lack of financing stop you Larry. Mr Scott Rechler (and David Samson confidant) is willing to take on your high-risk/low-demand WTC re-construction projects, and put them on the backs and coffers of the NY/NJ Port Authority, and its citizens ...
No problem!
See Mr Silverstein, someone in the Port Authority, has your financial back ... again. Good things come to those who wait leverage the Port Authority's 'authority'.
Port Authority puts off pivotal vote on 3 WTC subsidy
by [Crain's] Mark Maurer; theRealDeal.com -- March 20, 2014
[...]
The Port Authority of New York and New Jersey board of commissioners gave Scott Rechler, the agency’s vice chair, approval to extend talks with Silverstein. The plan would raise the Port Authority’s financial contribution to $1.1 billion from the present agreement of $200 million.
Rechler and Silverstein had been butting heads with Port Authority commissioner Kenneth Lipper over the stalled 80-story, $2.3 billion tower, as previously reported. Critics have argued that the building would be largely vacant and would be competing with One World Trade Center and other nearby towers. Lipper warned that the loans would likely reduce the Port Authority’s credit rating.
It would seem, from this next Editorial, that the locals are none-too-happy with the Port Authority's latest charity case ... perhaps the fact that Mr Silverstein used to be
Samson's employer, may have something to do with it, that
negative Port Authority sentiment?
A deal to deny
Too much public money for the World Trade Center
by Editorials, New York Daily News -- March 22, 2014
[...]
The PA should focus its financial power on the agency’s core mission of enhancing transportation and leave real-estate financing to the private sector.
[...]
Here, banks have declined to back Silverstein’s plan as too risky. That should be the end until enough paying tenants come forward to show the project is viable.
[...]
With the Port and the city committing to rent half of the structure, he has built Tower 4 and expects to have it open next year. The site designated for Tower 2 has been left fallow, and Silverstein has built eight stories for a retail mall on Tower 3.
[...]
SO, even if we
can get David Samson to resign, it may be for naught. It would seem that Samson has already been grooming his insider confidant --
and ultimate replacement, if the need arises for one. In this one high-roller, wheeler-dealer, vice-chairman named Scott Rechler.
Those high-stakes, high-rise developer interests, would still have their allies in high PA places ... So much for protecting the people's best interests -- that one is bit beyond the current Port Authority's Mission statements, apparently. If their recent actions are to be of any guide.
