Silverstein, Port Authority Squabble Some More Over WTC
Jen Chung
Modified Jul 18, 2009
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.
larry silverstein
Jen Chung co-created Gothamist in 2002 with Jake Dobkin, establishing it as a website about New York City and everything that happens in it and an essential must-read for New Yorkers. She also launched sites across the country and world, including DCist, LAist, and Londonist. She loves learning about NYC arcana and meeting bodega cats. She is currently Senior Editor of NYC Accountability in the Gothamist + WNYC newsroom.