As a summer associate in the virtual internship program, we attended daily seminars on all disciplines within Silverstein Properties, including in-depth sessions on development, sustainability, marketing, financing, and deal-making. What I witnessed was a consistent and cohesive warm corporate culture that every part of the business recognized and reaped the benefits of. It was not only the shared internal values and behaviors of the organization's employees but at Silverstein Properties the focus is not only about what gets done, but how things get done.   Silverstein Properties creates value beyond real estate. Shaping the future of how you work, live, and play by providing exceptional service, hospitality, amenities, and technology.   Our group project today will focus on our ideas on 5 WTC’s development, discussing assumptions in the financing, marketing of the property, community impact, sustainability, construction, and finally asset and property management. My teammates Josie and Sameer will give you some insight on the finance side.

1. 5 WORLD TRADE CENTER
RESIDENTIAL DEVELOPMENT

2. FINANCING
MARKETING
COMMUNITY IMPACT
SUSTAINABILITY
CONSTRUCTION
ASSET & PROPERTY MANAGEMENT
TABLE OF CONTENTS

3. FINANCING
4%
36%
60%
HIGH
LOW
General Partners
Limited Partners
EQUITY
DEBT
Assumptions
Total Budget $ 1,150,147,750
$27,000,000
Construction Int
Reserve
$77,625,000
$10,350,000
Rent Rate: $ 16.67 PSF/Month
Operating Expense: $ 1.17 PSF/Month
Rent Rate: $ 2.08 PSF/Month
Operating Expense: $ 1.25 PSF/Month
Rent Rate: $ 7.50 PSF/Month
Operating Expense: $ 1.25 PSF/Month
Rent Rate (Market) $ 7.50 PSF/Month
Rent Rate (Affordable) $ 1.47 PSF/Month
Operating Expense: $ 1.45 PSF/Month
Retail
4% Vacancy
Community
4% Vacancy
Office
4% Vacancy
Multi-Family
5% Vacancy
Construction Debt Permanent Debt
Loan
Amount
$690,000,000
$971,432,710
Initial Fee $10,350,000 $14,571,491
Management Fee 2.50 %
Real Estate Taxes 25.00 %
Annual Rent inflation: 2.50 %
Annual Operating Expense Inflation 2.50 %
For All

4. RETURN METRICS
Total Project Cash Flow
10%
90%
General
Partners
Limited Partners
Total Equity $460,147,750
$ 83,150,525
$ 748,354,723
Return $831,505,248

5. UNLEVERED CASH FLOW
Construction
Land Purchase
Hard Costs
Soft Costs
Office Tls
Retail Tls
Community Space Tls
Leasing Commissions
($ 27,000,000)
($ 764,772,500)
($ 232,554,240)
($ 19,187,460)
($ 331,000)
($ 3,328,650)
($ 15,000,000)
Total Construction Cost ($ 1,062,172,750)
Land Purchase Month: Jan 2023
Land Purchase Cost: $27,000,000
Construction Start Month: Jan 2023
Construction Finish Month: July 2026
Construction Months: 42
Assumption
Monthly Construction Cost During Construction
(excl. Land Purchase)

6. Residential
Floor 11-80
Office
Floor 2-8
5 WTC
Community &
Retail
Floor 9, 10
Floor 1
MULTIFAMILY
Lease-up Units available & leased: 994 Average monthly rent:
$4998
Rent Revenue - Effective Gross
Income $677,417,206
Total Expense
($328,691,418)
Net Operating Income
$348,725,788
Cap Reserve
($ 33,555,892)
Cash Flow
$315,169,896
Lease-up Units available & leased: 331 Average monthly
rent: $1031
Rent Revenue - Effective Gross
Income $44,341,284
Total Expense
($37,747,883)
Net Operating Income
$6,593,391
Cap Reserve
($ 2,280,186)
Cash Flow
$4,313,205
Market-Rate Housing
Affordable Housing
Affordable
Market-Rate
2%
98%
Cash Flow
Source

7. OFFICE
Residential
Floor 11-80
Office
Floor 2-8
5 WTC
Community &
Retail
Floor 9, 10
Floor 1
Lease-up Office Income: $234,594,156 Average monthly rent:
($9,383,766)
Rent Revenue - Effective Gross
Income $225,210,390
Total Expense
($101,031,883)
Net Operating Income
$124,178,507
Cap Reserve
($ 11,512,476)
Cash Flow
$112,666,031

8. Community
RETAIL
Residential
Floor 11-80
Office
Floor 2-8
5 WTC
Community
Floor 9, 10
Retail
Floor 1
Lease-up Retail income: $8,095,516 Retail Vacancy:
($323,821)
Rent Revenue - Effective Gross
Income $7,771,695
Total Expense
($2,705,408)
Net Operating Income
$5,066,228
Cap Reserve
($ 379,200)
Cash Flow
$ 4,559,088
Lease-up Community income: $13,544,131 Retail Vacancy:
($541,765)
Rent Revenue - Effective Gross
Income $13,002,366
Total Expense
($11,715,153)
Net Operating Income
$ 1,287,213
Cap Reserve
($ 665,730)
Cash Flow
$ 621,483

9. LEVERED CASH FLOW
Construction Loan Origination Fee ($10,350,000)
Construction Loan Interest Expense ($80,500,000)
Construction Proceeds $690,000,000
Construction Loan Paydown ($690,000,000)
Construction
Loan
Senior Debt Origination Fee ($14,571,491)
Senior Debt Interest Expense ($262,286,832)
Senior Debt Proceeds $971,432,710
Senior Debt Paydown ($971,432,710)
Senior
Debt

10. GREEN & SUSTAINABLE LIVING
5WTC will set new standards for green & sustainable living in New York City
5WTC’s community garden allows
residents to grow fresh herbs, relax in
green spaces, and escape the hustle and
bustle of city living
COMMUNITY GARDEN
5WTC will make efficient use of its
extensive surface space by collecting
renewable energy to achieve a lower
ecological footprint
SOLAR ENERGY
5WTC will collect rainwater to
water the plants in our community
gardens without causing an
environmental burden
RAINWATER COLLECTION

11. UNPARALLELED AMENITIES
5WTC will offer state-of-the-art amenities to residents and the public
5WTC features over 54,000 SF of fitness and
lounge community amenities open to building
residents and the public
AMENITIES FOR ALL
Fitness center, pool, basketball court, kid’s
room, yoga and pilates studios, café, library
lounge, arcade, and pet spa
HEALTHY MIND & BODY

12. SUSTAINABLE LUXURY
The Marketing Strategy for 5WTC
As previously highlighted, 5WTC will
set new standards for sustainable
construction and development with
features such as thermochromic
photovoltaic glass and heat pump
water heaters. As public support for
environmental efforts continue to grow,
corporations are pushing towards
carbon neutrality, with major firms in all
industries signing climate pledges,
committing to zero carbon emissions
by 2040. Notable participants include
Amazon, IBM, PepsiCo, and Microsoft
(The Climate Pledge).
THESIS
However, publicly traded companies are
not the only participants in environmental
initiatives and sustainability efforts. Asset
managers are being directed by all client
bases to invest in ESG (Environmental,
Social, and Governance) initiatives.
Financial advisory, Private Ocean, reports
that $8.72 trillion worth of professionally
managed assets now consider ESG
factors when choosing to invest. In other
words, one in every five dollars that are
professionally managed in the United
States focus on ESG friendly
investments.
The 5WTC marketing strategy will look to
capitalize on these emerging trends by
having our advertising campaigns center
around the developments’ sustainability
features. Automaker Volvo is currently
underway in an advertising campaign
which asks the question is protecting the
environment “The Ultimate Safety Test?”.
Their commercials depict the catastrophic
effects of climate change in scenic
landscape shots. The 5WTC marketing
strategy will be heavily influenced by
Volvo’s thought-provoking commercials.

13. COMMUNITY IMPACT
ECO FRIENDLY
- Residential, recreational,
and commercial spaces are
in close proximity so the
need for cars is reduced
-Less traffic congestion and
lower greenhouse
emission.
AFFORDABLE HOUSING
-Diversifies regularly
access the area.
-Adds green spaces which
are Important for physical
and mental health
-Community centers (allows
people to meet, talk, relax,
and enjoy the community)
INCREASE FOOT
TRAFFIC
-Mixed-Use
-People in office spaces
and apartments will go to
local restaurants,
museums, local
businesses, etc.
COLLAB. WITH LOCAL
BUSINESSES
-Art Program-letting artists
work in unused space
within the building

14. SUSTAINABILITY
Climate Analysis

15. ● Facade:
○ Curtain Wall (Sun Shading):
■ Install double or triple pane high performance glazing (Low-E) on the west,
north, and east sides of the building. For the remaining south side, install clear
glass for maximum passive solar gain.
● Dynamic/Smart Glazing: An unobstructive approach of tintable glass
that responds to light and heat by modulating the amount of
transmitted light and solar heat gain.
● *Thermochromic Photovoltaic Glass: Tintable glass that also harvests
solar energy through its implemented transparent photovoltaic cells.
■ Smart Window Blinds & Shades: Motorized window shading that can
automatically be controlled or controlled by users. They can help reduce
winter night time heat losses.
○ Solid Paneling:
■ High/Low Mass Materials: By using low mass materials for the west, north,
and east sides of the facade and using high mass materials for the south side,
we can increase the comfort zone to address colder temperatures whilst
avoiding potential for overheating.
● This idea with thermal mass applies to the interior as well (flooring,
walls)
○ Maximum Added Comfort (according to psychrometric chart): 8.4+9.6=18%
SUSTAINABILITY
Suggested Sustainable Methods
*New Technology

16. ● Roof + Setbacks/Terraces:
○ Green Spaces: Attractive, extended living spaces that reduces the carbon footprint
and reduces energy consumption.
■ Wind break (vegetation) is necessary to provide comfortable outdoor spaces
in the colder months. Other options include: wing wall, fence, alcove, and
exterior structure. Avoid placing trees on the south side of the building.
○ Rainwater Harvesting: Collecting run-off to promote water conservation and energy
efficiency.
○ Solar Panels: Collecting and using a renewable energy source to power 5WTC and
reduce dependence on fossil fuels.
○ Maximum Added Comfort: 5.3%
● Envelope:
○ Carefully seal the building to avoid infiltration and drafts and keep the building well-
insulated. This can be done through weather stripping, tight windows, appropriate
glazing, and minimized thermal bridging.
■ *New Insulation Technologies such as vacuum-insulated panels (VIP) and
aerogels help improve thermal efficiency in commercial buildings and curtain
wall construction.
○ Maximum Added Comfort: 21+5.9+45.9=72.8%
SUSTAINABILITY
Suggested Sustainable Methods
*New Technology

17. ● Heating:
○ Passive Solar Heat Gain: Passively heated from the curtain wall facade
○ Internal Heat Gain: When there are more internal loads, additional heating will not
be needed.
○ Heat Pumps/Heat Pump Water Heaters: They are a combination of a water heating
and space conditioning system. Not only is it responsible for heating and cooling, but
it also provides hot water. It is very efficient in that it doesn’t generate heat directly but
transfers heat.
○ Maximum Added Comfort: 21+9.6+45.9=76.5%
● Cooling:
○ Heat Pumps/Heat Pump Water Heaters: They are a combination of a water heating
and space conditioning system. Not only is it responsible for heating and cooling, but
it also provides hot water. It is very efficient in that it doesn’t generate heat directly but
transfers heat.
○ Ice Chilling/Thermal Energy Storage (TES): During off-peak hours, ice is made and
stored. The ice is used the next day as a cooling source. Not only does it cut energy
costs, but it is also cost effective.
○ Evaporative Coolers: It is an energy efficient ventilation and cooling system that
uses clean, filtered outside air to cool down the building and it provides an improved
air quality.
○ Absorption Coolers: It consists of a thermodynamic process that collects wasted
heat and allows water to be cooled and redistributed.
○ Maximum Added Comfort: 1.1+5.9=7%
SUSTAINABILITY
Suggested Sustainable Methods
*New Technology

18. ● Dehumidification:
○ Heat Pumps: Heat pumps are more efficient than air conditioners at dehumidifying a
room.
○ *Electrostatic Dehumidifier: This technology removes moisture vapor from air
streams and decreases energy use as it eliminates the need for phase changes. It is
predicted to face a fast growth because of increasing awareness of indoor air quality
amidst COVID-19.
○ Maximum Added Comfort: 10.7%
● Ventilation:
○ Natural Ventilation (according to building’s design): Natural ventilation refers to a
passive process of supplying air through the natural forces of air and wind. Different
types of this ventilation include: single-side ventilation, cross flow ventilation, stack
ventilation, and top-down ventilation.
○ *EC plug fan: A new energy efficient fan in ventilation units that can cut energy use
up to 30%.
○ *Demand Control Ventilation (DCV): A system that controls outside air flow rate
based on occupancy to save energy.
○ Maximum Added Comfort: 1.2%
SUSTAINABILITY
Suggested Sustainable Methods
*New Technology

19. ● Appliances/Equipment, Management System, Etc. :
○ Use Energy Star appliances or other high efficiency equipment
○ Use a smart management system (ex: *Neuron) to optimize all building systems and improve efficiency.
■ Ex: Lowering comfort temperature at night to reduce heating energy consumption.
○ Educate residents and promote eco-friendly habits
○ Vestibules (according to building’s design): Implement vestibules to minimize infiltration and drafts.
SUSTAINABILITY
Suggested Sustainable Methods
*New Technology

20. Zoning/Codes
- Classify & Restrict land areas
- Interior (Lot area,
width, yards, floor
area ratio)
- Exterior (Building
height, offset from the
street, facade
requirements)
- Class A bldg.
CONSTRUCTION
Site Specifics
- Zone C6 - 4
- Borders Special Battery Park City District
Bay
Source: Silverstein Properties Site 5 World Trade Center Request For Proposal Source: NYC Department of City Planning

21. CONSTRUCTION
Construction Schedule
Unitized System
Coordinated Model
A) Sustainability & Building Information
Management (B.I.M.)
- LEED certification : expedited plan review, expedited
building permit review and inspection.
- BIM modeling: team coordination, visualization of results,
and error reduction
I. Save 17-34% of Design/Construction
cost
II. Realistic Savings = $3,622,500
A) Precast & Prefabrication
- Partial assembly off-site
I. Safer option
II. Decreased cost of labor
III. Improved construction efficiency
Source: Silverstein Properties 5 WTC Construction Schedule
Source: https://continuingeducation.bnpmedia.com/courses/sto/prefabricated-curtain-walls-web-live/ Source: WebcorBuilders

22. ASSET & PROPERTY MANAGEMENT
Building Management
Amenity
Management
Building Management
Technology
Services
Customer
Experience
Leasing

23. ASSET & PROPERTY MANAGEMENT
● Solar panels are a way apply and use renewable energy
● With the growth of global warming by having solar panels in our building we will be working
towards a better future
● The cost of owning solar panels have declined 20% over the 5 years
● Federal solar tax credit (ITC) has reduce solar cost by 26%
● You can breakeven on your panels between 7-8 years and start owning it for free more or less
● Typical average solar panel size is 65in x 39 in or 5.4 ft by 3.25 ft
● The 5 WTC Retail and lobby on the 1st floor is 7000 sqft
● So the top roof should be about half, so 3500 sqft doing 75% usable sqft results in 2625 sqft
● 5.4ft x 3.25ft (17.55sqft) on a 2625 sqft means we can have 149.57 panels, round down 148
solar panels
● Assuming 1 panel gives “10 kw that is $28,100-$20,794”
● We could assume that at least 1 or 2 floors could be powered by the panels
● Suggestion: Use window like solar panels to put on all the windows in that case we could
possibly increase from 1-2 floor to about 25% or higher of the building
○ Buying air rights and putting up solar panels on nearby roofs

24. ASSET & PROPERTY MANAGEMENT
Improve client experience with Inspire
24/7 concierge assistance. Clients can depend on a
dedicated staff to answer questions and accommodate requests.
Reserve amenities, leave suggestions and feedback.
Connecting clients and ensures that Silverstein is known for
quality.
A single platform for all your needs delivering the best in the most convenient manner
Mobility solutions
Clients can depend on a safe, convenient
and seamless way to get around town.
Supported by the Inspire app and an
experienced high quality staff.

25. Leasing
DIVERSITY, EQUITY, & INCLUSION
Screening prioritization - Affordable housing
tenants
- Office tenants
Amenity
Community floor - All-gender changing rooms
Office floor - Varied working space size
- Temperature & lighting control
Residential floor - Themed / DEI Community floor
- Residents-only indoor
lounge
Customer
Experience
Decoration - DEI celebration / holiday decoration
DEI Exclusive activities - “Pride Month LGBTQ+ & Allies Connect”
Advocacy with Arts - Partnership with Silver Art Projects artists

26. THANK YOU!