World Trade Center dispute could cost $2.7B
July 16, 2009 11:00AM
World Trade Center site
The World Trade Center financing dispute between Larry Silverstein and the Port Authority of New York and New Jersey may cost the Port Authority as much as $2.7 billion, sources told Bloomberg. There could be up to $1 billion in lost rent, infrastructure expenses of as much as $1.1 billion, and $600 million needed to build retail stores that could be the bases for towers in the future. Silverstein has asked the Port Authority to give financial guarantees of $2.6 billion for his construction of two office towers. The Port Authority has offered to guarantee financing only if Silverstein raises $625 million from lenders or investors. Port Authority spokesman Stephen Sigmund said the $2.7 billion estimate is incorrect and Silverstein's proposal would be more expensive.
[Bloomberg]
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Comments
Dr. Remick
The Port Authority needs to get with reality and get the WTC rebuilt already. It doesn't make any sense for them to stop Silverstein from building the office towers, especially as it is clearly going to cost them. Silverstein's 7 World Trade Center is up and leased. What has the Port Authority done at the WTC site except delay, delay, delay. Shame on them!
Comment #1 Posted By: Dr. Remick 07/16/09