July 19th - July 23rd, 2010

LMDC to release $28 million for the downtown community

July 19 -- The remainder of the agencys cultural and community enhancement funds would go to neighborhood organizations who have been hit hard by the recession, according to Crains. Since 2005, LMDC has given out more than $70 million to 33 nonprofits including public schools, New York Downtown Hospital and the Museum of Chinese in the Americas. CB1 President Julie Menin told The Battery Park Broadsheet Daily, the money should have been out years ago.

Deutsche Bank is poised to buy 72 Wall Street, the former AIG building

July 19 -- Reuters reports Deutsche will pay South Koreas Kumho Investment Bank approximately $60 million. That gives Kumho a return of about $26 million from its investment made a year ago. 70 Pine Street, which is connected by a skywalk to 72 Wall Street, will be remodeled, according to the report.

Construction unions and management firms extend a cost saving agreement

July 19 -- Labor and management shook hands on a deal that will lower buildings costs by about 15% through the end of March 2011, according to Crains. The agreement will affect 50 projects and the goal is to keep building projects going amid the economic downturn. Crains says contactors agreed to shave their profit margins and the unions adopted work rule changes.

The Daily News is moving downtown

July 20 -- The newspaper made it official, announcing it signed a lease for two floors at 4 New York Plaza. Crains reported the Daily News and U.S. News & World Report, both owned by Mort Zuckerman, will move next year and take 100,000 square feet in the building at Water and Broad Streets. The newspaper and magazine are currently located on West 33rd Street.

The WTC boat will be dismantled and moved to Queens

July 21 -- The 18^th century schooner, which was unearthed last week at the WTC site, will be carefully taken apart and moved to a controlled atmosphere room at Hanger 17 at JFK. The process could take up to eight days, as the ship is 32 feet long. Removal of the boat will not delay work on the WTC site, according to the Port Authority.

Soil for the 9/11 Memorial trees arrives at the WTC site

July 21 -- Specially designed soil for swamp white oak trees is being spread onto the plaza, readying the site for the arrival of the white oak and sweetgum trees that begin arriving in September. The plaza will eventually hold 18,000 cubic yards of soil for the trees, which are growing now on a New Jersey farm, according to DNAINFO.com.

A smoke scare leads to the evacuation of the Statue of Liberty

July 22 -- Several hundred visitors fled the crown, observation deck, pedestal and base of the Statue when the fire alarm went off. A spokesperson for the National Park Service said smoke from an overheated elevator motor triggered the alarm and the Statue was shutdown for about an hour. No one was injured.