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Silverstein knows a lot more about bankers than he used to. His lenders have been keeping a close eye on the financial status of his two largest projects: midtown Manhattan's A&S Plaza and 7 World Trade Center in the financial district. The 1 million-sq.-ft. A&S Plaza stands one-third empty, while the 2 $ million-sq.-ft. World Trade Center site is largely rented only because of substantial givebacks...
...feeling nostalgic about the mid-'80s, when the economy was growing and money was flowing freely. Today real estate firms in Britain are confronting base interest rates of 14%, stagnant growth and a lingering hangover after years of overbuilding. Commercial rents in London, which reached about $130 per sq. ft. a year ago, have fallen nearly 25% since then. Chris Walls, a property analyst at Salomon Brothers in London, predicts that rents will decline to less than $100 per sq. ft. by the end of the year. The vacancy rate in central London is 11%, up from...
Some years back, Robert Scott, of the nonprofit Institute of the Rockies in Missoula, proposed the Big Open, a 15,000-sq.-mi. chunk of struggling central Montana that would be linked cooperatively by public and private owners into a wildlife range for 300,000 buffalo, deer, antelope and elk. His figures suggested that on the average, the 3,000 people living there would make more tending to tourists and hunters than from ranching and farming. Writer Douglas Coffman, who helped Scott, saw even more: a chance to recapture a bit of the original American heart, something brave and wild...
...Poppers identified 139,000 sq. mi. as poor and emptying, and they suggested that through a consortium of public and private owners and institutions, the world's largest game preserve be created and woven around those areas that are still viable. Government payments would be used to idle the marginal land and support owners for as long as 30 years while they planned a new life. The cost? "Billions," acknowledges Frank Popper, "but less than the current subsidy programs...
...expected to top $60 billion -- have enabled the House of Saud to create a modern state almost overnight and, in the process, buy the continued fealty of its subjects. First-class medical care is free. So is education from kindergarten to postgraduate levels. Each Saudi family receives 750 sq. yds. of free land and a 30-year interest-free loan of $80,000 to build a house on it. Entrepreneurs get huge interest-free loans to start businesses. And no one pays taxes. "A Saudi," King Fahd noted recently, "has to be very unlucky, very stupid and very lazy...