Developer Larry Silverstein’s Silverstein Properties plans to sell $1.6 billion of tax-exempt bonds as soon as next week, in an effort to finance the 3 World Trade Center project.
Silverstein said he hopes an uptick in the municipal bond market makes for a successful sale. The developer has struggled to find investors for the 1,170-foot-tall, 2.5 million-square-foot tower. The property is only 20 percent leased, thus amplifying the risk for potential bondholders. [more]