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

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
Silverstein leashes BarkBox for 52K sf at 120 Broadway
Silverstein leashes Bark for 52K sf at 120 Broadway
Silverstein leashes Bark for 52K sf at 120 Broadway
Larry Silverstein, 3 World Trade Center and Index Exchange CEO Andrew Casale (Getty, Silverstein, Index Exchange)
Casper signs subtenant for 43K sf at Silverstein’s 3 World Trade
Casper signs subtenant for 43K sf at Silverstein’s 3 World Trade
Robert Durst (Getty, iStock)
Robert Durst indicted on murder charge in wife’s killing
Robert Durst indicted on murder charge in wife’s killing
Silverstein Chairman Larry Silverstein, CalSTRS CEO Cassandra Lichnock and 1177 Sixth Aveneut (Silverstien, Getty, CalSTRS)
$450M refi reveals what tenants pay at Silverstein’s 1177 Sixth Avenue
$450M refi reveals what tenants pay at Silverstein’s 1177 Sixth Avenue
Robert Durst charged with murder in wife’s disappearance
Robert Durst charged with murder in wife’s disappearance
Robert Durst charged with murder in wife’s disappearance
Clockwise from left: Vornado's Steven Roth with 61-19 Junction Boulevard, Rego Park, Silverstein Properties' Larry Silverstein with 44-01 Northern Boulevard in Astoria and BEB Capital's Bert Brodsky with 1065 Atlantic Avenue in Bedford–Stuyvesant (Images via Google Maps, Getty Images, BEB Capital)
Vornado, Silverstein propose major mixed-use projects
Vornado, Silverstein propose major mixed-use projects
Durst Organization Chairman Douglas Durst, Venable LLP Chairman Stuart Ingis and 151 West 42nd Street (Getty, Venable)
Durst’s One Five One inks 158K sf lease for law firm tenant
Durst’s One Five One inks 158K sf lease for law firm tenant
Robert Durst (Getty, iStock)
Robert Durst is on a ventilator with Covid: lawyer
Robert Durst is on a ventilator with Covid: lawyer
arrow_forward_ios

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

Loading...