Fine scores against Silverstein at 99 Church over tax credits

New York /
Mar.March 26, 2010 05:32 PM

Affordable housing developer Peter Fine may have gotten the last word over Larry Silverstein, after a Manhattan Supreme Court judge issued a summary judgement on tax credits against the Ground Zero developer last week, according to the Observer. Fine first brought his complaint against Silverstein last summer, alleging that Silverstein had reneged on a prior contract to purchase the development rights at 99 Church Street due to the financial downturn. Fine claimed that Silverstein’s backing out was a breach of contract and in the suit said that the move had made it impossible for Fine’s company, Atlantic Development, to move forward on a planned South Bronx affordable housing development. “Mr. Silverstein found himself unable to finance further construction of 99 Church Street, and thus determined to put the project indefinitely on hold,” the suit says. “No longer in need of the tax benefits it had agreed to purchase from Atlantic… [he] decided to renege on [the contract] thereby depriving Atlantic of a significant source of funding.” Thanks to the judge’s ruling, Atlantic has been awarded more than $3 million in credit and attorney fees.


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