PA misses deadline, must pay Silverstein

December 15, 2008 04:23PM

The Port Authority of New York and New Jersey has not yet met its
obligation to provide Silverstein Properties with a construction-ready
site for what will be Tower 4 of the World Trade Center, a three-member
arbitration panel has ruled. As a result, the Port Authority must
continue to work on the site of Tower 4 as well as the site for Tower
2, and pay Silverstein daily penalties with interest. The
Port Authority, which has already paid Silverstein a reported $43.5
million in penalties for missing a June deadline, informed Silverstein that it would miss
its December 1 deadline to turn over the sites for Towers 2 and 3.

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