Port Authority toll hikes to cover up mass cost overruns at WTC

New York /
Aug.August 12, 2011 09:46 AM

Toll hikes on the George Washington Bridge and the Holland and Lincoln tunnels, pushed by Port Authority of New York & New Jersey chiefs, are a means to cover up wild overruns in costs at the World Trade Center site, the New York Post reported. Rebuilding the site will apparently cost about $2 billion more than was forecast 2008 in the official financial plans by agency head Chris Ward.

“Everybody knew that it wasn’t the full numbers,” said one expert on the Port Authority’s financial problems. “Everybody knew the numbers were off from the start.”

According to documents obtained by the Post, construction has gone over budget by $186 million at Silverstein Properties’ 1 World Trade Center, work on the transportation hub has run $200 million over budget and other work on the site’s infrastructure has surpassed expected costs by $422 million.

Overruns could swell to almost $2.7 billion if the agency fails to re-coop $650 million in costs from the 9/11 Memorial Foundation, the Metropolitan Transportation Authority and the state Transportation Department, the Post said. [Post]


Related Articles

arrow_forward_ios
TRD's Erik Enguist and Port Authority's Rick Cotton

Port Authority, out $3B, has waterfront land to sell

Port Authority, out $3B, has waterfront land to sell
TRD's Erik Enguist and Port Authority's Rick Cotton

Can the Port Authority bring NYC back? Tune in to TRD Talks Wednesday

Can the Port Authority bring NYC back? Tune in to TRD Talks Wednesday
Port Authority Bus Terminal and AECOM CEO Troy Rudd (Roger Rowlett via Wikipedia; AECOM)

“Worst place on earth” may be buried underground

“Worst place on earth” may be buried underground
Anna Wintour of Condé Nast, One World Trade Center and Douglas Durst (Wintour by Dia Dipasupil/Getty Images; 1WTC via iStock; Durst by Patrick McMullan via Getty Images)

Condé Nast wants out at 1WTC. Durst may not be OK with that

Condé Nast wants out at 1WTC. Durst may not be OK with that
Durst Organization chairman Douglas Durst and Advance Publications president Donald Newhouse with One World Trade Center (Newhouse by Ilya S. Savenok/Getty Images for The Association for Frontotemporal Degeneration; Unsplash)

Condé Nast may be moving out of 1 WTC

Condé Nast may be moving out of 1 WTC
Moody's CEO Raymond McDaniel and 1 World Trade Center (McDaniel by Alex Wong/Getty Images; Pixabay)

Moody’s looks to sublease its 1 WTC office

Moody’s looks to sublease its 1 WTC office
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
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...