WTC bonds must sell by end of year or risk delay: Port Authority

TRD New York /
Apr.April 13, 2011 01:13 PM
Chris Ward and a rendering of 4 WTC

The state funding entity New York Liberty Development that pulled a $900 million bond offering Monday needs to sell the securities by the end of the year or risk stalling the construction schedule of 4 World Trade Center, Christopher Ward, executive director of the Port Authority of New York & New Jersey, said today.

Larry Silverstein’s Silverstein Properties has enough money to fund the project through the end of the year, but the additional funds are needed to be certain that work proceeds into 2012.

“We would need to price those [4 World Trade Center] bonds at least by the end of this year to ensure that construction continues. And we are very optimistic that is going to happen,” Ward said.

Ward was talking with reporters after speaking this morning at a construction industry breakfast forum in Midtown, hosted by the trade group, New York Building Congress.

In addition, he said the Port Authority was deep in negotiation with publisher Conde Nast for about 1 million square feet at 1 World Trade Center. He hoped to have a deal ready to go before the Port Authority board in “the next two or three months.”

That represents another delay. In February, Douglas Durst, the chairman of the Durst Organization — that has agreed to invest $100 million in 1 World Trade Center — said the deal was likely to be completed in March.

“They don’t have to sign by a certain date,” Ward said, “but we would like to get this transaction done sooner rather than later.”


Related Articles

arrow_forward_ios
Larry Silverstein of Silverstein Properties and George Kaufman of Kaufman Astoria Studios with renderings of the project (Getty, ODA)

Silverstein, Kaufman plan $2B Queens development

Silverstein, Kaufman plan $2B Queens development
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Real estate firms lead cautious return to NYC offices

Real estate firms lead cautious return to NYC offices
From left: Port Authority Bus Terminal, Grand Central and Penn Station (Wikipedia, Pixabay, CDC)

TRD Insights: Focus may shift to Manhattan’s 3 transport hubs in post-Covid office market

TRD Insights: Focus may shift to Manhattan’s 3 transport hubs in post-Covid office market
Durst Organization chairman Douglas Durst and Amazon CEO Jeff Bezos with 1133 Sixth Avenue (Getty, Google Maps)

Another blow to Amazon in court battle with Durst Organization

Another blow to Amazon in court battle with Durst Organization
A rendering of the site at 44-02 Vernon Boulevard in Long Island City and Douglas Durst

Owners of LIC’s “Lake Vernon” notch win in tug-of-war with Durst

Owners of LIC’s “Lake Vernon” notch win in tug-of-war with Durst
Douglas Durst, One Five One, and Tik Tok CEO Kevin Mayer (Getty, Google Maps, iStock)

The biggest new tenant in New York City is… TikTok

The biggest new tenant in New York City is… TikTok
The Durst Organization president Jonathan Durst and 655 Third Avenue (Google Maps)

Mitsubishi International renews big lease at Durst’s 655 Third Avenue

Mitsubishi International renews big lease at Durst’s 655 Third Avenue
Rick Cotton, Executive Director of The Port Authority of New York and New Jersey, and a photo of a mostly empty John F. Kennedy Airport pictured on April 16, 2020 (Credit: Astrid Stawiarz/Getty Images, Spencer Platt/Getty Images)

Major NY and NJ infrastructure projects in jeopardy

Major NY and NJ infrastructure projects in jeopardy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...