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Cost estimate memo for 7 WTC project, May 1998

Machine-extracted title · confidence 95%

Letter forwarding a construction cost estimate of over $10 million for a 7 World Trade Center project to the Office of Management and Budget.

NYC-WTC_000167629–000167630

Folder label: “OEM, 7 WTC

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NYC 9/11 Public Portal Document

□w DEPARTMENT OF CITYWIDE ADMINISTRATIVE SERVICE ' DIVISION OF REAL ESTATE SERVICE MUNICIPAL BUILDING. - Room 2053S NEW YORK. N.Y. 10007 (212) 669-3640 Fax (212) 669-2666

WILLIAM I. DIAMOND LORI FIERSTEIN Commusioncr Deputy Commissioner

Fcbrt.iry 11,1998

Mr. Conan Freud Assistant Director OfiBo: of Management & Budget 75 Park Place, 9* floor New York, New York 10007

Rc: OEM, 7 WTC

Dear 'dr. Freud,

Pursujint to your discussions with First DC Iris Weinshall and me, I am forwarding to you a copy of the February 3, 1998 cost estimate developed by Ambassador Construction (Silverstein’s designated CM) for the referenced project.

The, construction estimate totals $10,879,068, however, it contains many clarifications, exclusions, and does not have a contingency. In addition, the fees for general conditions, overhead & profit, and financing have not been negotiated. The estimate was given to us without any detail or backup (which Ambassador does not have) so that we may evaluate it’s merits.

Based on the Ambassador estimate the project cost could be;

Construction Costs $10,879,068 Financing Costs $ 500,000 Furniture Costs $ 1,500,000 * Telephone & Communication Costs $ 1,000,000* Cooling Tower on Roof $ 650,000 ■ O Y. Security System $ 100,000 Sales Tax $ 500,000 / 5*00 o ___ A? Subtotal $17,379,068 , AY? -Minus Landlord contribution $ 2.252.925 / , , ' Total City Costs $15,126,143

♦ Preliminary numbers subject to discussions with OEM.

NYC-WTC_OO0167629

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NYC-WTC_000167629Source: NYC Law Department, mirrored locally

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