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Final PA-Silverstein deal at WTC expected tomorrow


Larry Silverstein and Ground Zero

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The board of the Port Authority of New York & New Jersey is expected to approve a final deal with developer Larry Silverstein on the rebuilding of the World Trade Center at a just-scheduled meeting tomorrow, according to the Observer. After much back-and-forth, a tentative deal was reached in March, and the agency agreed to pitch in development fees and other subsidies toward the development of Silverstein’s two skyscrapers on its site. Silverstein, who held a lease on the twin towers on Sept. 11, 2001 and has paid rent to the Port Authority ever since, has the right to build three new towers at the World Trade Center site. But he ran into financing trouble as the real estate market crumbled and had asked for help from the agency.
[NYO] 

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Ground ZeroLarry SilversteinPort AuthoritySilverstein Properties