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Silverstein, Port Authority Squabble Some More Over WTC
By
Jen Chung
Published Jul 18, 2009
Modified Jul 18, 2009
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By
Jen Chung
Published Jul 18, 2009
Modified Jul 18, 2009
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In the latest round of World Trade Center developer Larry Silverstein vs. World Trade Center owner Port Authority, Reuters reports that the PA has "rejected the use of more public money to guarantee financing for two private office towers" at Ground Zero. Apparently Silverstein only wants to put $75 million in equity into the two towers, which are estimated to cost $4.2 billion. The PA released the letter it sent Silverstein, which includes, "You demand that the public take on the risk that you and the private sector will not take. It is unrealistic of Silverstein Properties to demand this extraordinary level of public subsidy, and it is not going to happen." Silverstein had previously rejected the PA's demand that he raised $625 million towards the project. The slow pace of progress—not to mention rising costs—have raised suggestions that some buildings be scrapped or drastically downsized and Silverstein has threatened to take the matter into arbitration, which could delay construction even more.
Tagged
development
larry silverstein
port authority
world trade center
wtc
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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