A rendering of the WTC PATH hub

Updated, 12:43 p.m., May 28: Retail rents in the Port Authority of New York and New Jersey’s $3.74 billion underground World Trade Center transportation hub could command prices of $550 per square foot, top retail brokers told the New York Post. [more]

One World Trade Center

One World Trade Center is another step closer to being finished — Port Authority officials unveiled the skyscraper’s observatory today, the New York Daily News reported. [more]

From left: 1 WTC and Legends CEO David Checketts

The Port Authority of New York and New Jersey is slated to strike a 15-year deal with Legends Hospitality Management to operate 1 World Trade Center’s observation deck, the New York Times reported. This deal is the newest sign that the 1,776-foot-high building is approaching the finish line. [more]

Scott Rechler and Gov. Andrew Cuomo

Scott Rechler, the head of RXR Realty, is known for his vast New York City real estate holdings, managing some 20 million square feet of property and emerging as the second-biggest buyer of Manhattan commercial real estate since the recession. But since 2011, Rechler has worn a second hat as a top advisor to Governor Andrew Cuomo, sitting on the board of the Port Authority of New York and New Jersey, Bloomberg News reported. [more]

1 World Trade Center

Intended to stand as the nation’s highest symbol of solidarity, the halls of the World Trade Center have been decked with epitaphs of division. According to the New York Daily News, the interior of the under-construction tower is marred with sexist and racist graffiti.  [more]

One World Trade Center

The goods for One World Trade Center’s coronation — so to speak — today made their way to the city, the AP reported. A barge departed from Port Newark in New Jersey today towing along nine pieces of the steel spire, which will top the 1,776-foot-high property.

Each piece weighs 70 tons. Workers at the site were busy today pouring the concrete that will hold the 408-foot spire. [more]

From left: the TWA terminal and Andre Balazs

Hotelier Andre Balazs, known for developing the Standard Hotel in the Meatpacking District and the Mercer hotel in Soho, is in talks with the Port Authority of New York and New Jersey to develop the Eero Saarinen-designed Trans World Airways terminal at John F. Kennedy airport into a hotel, the Wall Street Journal reported. A Balazs spokesperson declined the Journal’s request for comment and a Port Authority spokesperson told the paper that they’re “talking to an individual on this,” and that there’s nothing yet to announce. [more]

The WTC site (courtesy Silverstein Properties)

New York Governor Andrew Cuomo said the World Trade Center site sustained excessive flooding as a result of Hurricane Sandy. “The Hudson River was literally pouring into the Ground Zero site with such a force we were worried about the structure of the pit itself,” Gov. Cuomo said today during a press conference, Crain’s reported. [more]

One World Trade Center

The Port Authority of New York & New Jersey and a Canadian steel supplier for One World Trade Center have resolved a lawsuit over steel shipments, paving the way for the tower to be completed on schedule.

The Port Authority had accused ADF Steel Corp., which is supplying the material for the tower’s antenna, of keeping the final steel shipment “hostage” due to a $6 million dispute over steel needed for the Lower Manhattan Transportation Hub, the New York Daily News reported. As part of today’s deal, the Port Authority will drop the lawsuit, and the antenna’s steel will ship out of Canada before shipping channels freeze over. [more]

1 World Trade Center (credit: Michael Calcagno, courtesy of Silverstein Properties)

The Port Authority of New York & New Jersey’s extensive spending to rebuild the World Trade Center has led to a downgrade of the agency’s bond rating, meaning it will be faced with significantly higher borrowing costs.

Moody’s Investor Service analysts downgraded Port Authority Bonds from Aa3 to Aa2, affecting $18.2 billion in consolidated bonds. The primary factor in the downgrade was the Port Authority’s share in the redevelopment of the Trade Center, which has cost the authority approximately $2 billion, the Wall Street Journal reported, and raised its debt to revenue ratio. [more]