Port Authority will not sell 1 WTC

August 31, 2011 08:32AM

Port Authority Executive Director Chris Ward and 1 World Trade Center

The Port Authority of New York & New Jersey will not resort to selling 1 World Trade Center, despite some suggesting that opting out of the real estate game is the only way for it to raise money, the New York Post reported.

“There’s not a chance,” said Port Authority Executive Director Chris Ward when asked by the Post if a sale was a possibility.

The Port Authority’s money issues have been well documented. It was recently reported that toll hikes on the George Washington Bridge and the Holland and Lincoln tunnels, pushed by Port Authority of New York & New Jersey chiefs, were a means to cover up wild overruns in costs at the World Trade Center site. The agency has gone over budget by $186 million at Silverstein Properties’ 1 World Trade Center.

Ward defended calling for large toll hikes, saying he’s got to be the advocate for the Port Authority and its mission, the Post said. [Post, 1st item]