One WTC resolves lawsuit over steel shipments

Tower to get material needed for antenna and on-time completion

New York /
Oct.October 23, 2012 05:30 PM

The Port Authority of New York & New Jersey and a Canadian steel supplier for One World Trade Center have resolved a lawsuit over steel shipments, paving the way for the tower to be completed on schedule.

The Port Authority had accused ADF Steel Corp., which is supplying the material for the tower’s antenna, of keeping the final steel shipment “hostage” due to a $6 million dispute over steel needed for the Lower Manhattan Transportation Hub, the New York Daily News reported. As part of today’s deal, the Port Authority will drop the lawsuit, and the antenna’s steel will ship out of Canada before shipping channels freeze over.

A spokesperson for the Port Authority told the Daily News that both sides agreed on a price for the steel needed at the Transportation Hub, but declined to reveal the actual number.

As previously reported, the Port Authority’s big spending on the World Trade Center site has led to a downgrade for the agency’s bond rating. [NYDN]Zachary Kussin


Related Articles

arrow_forward_ios
CBRE CEO Robert Sulentic and One World Trade Center (CBRE, iStock)
Port Authority taps CBRE to manage WTC
Port Authority taps CBRE to manage WTC
Silverstein Properties’ Larry Silverstein and Brookfield’s Brian Kingston (Getty/Illustration by Kevin Rebong for The Real Deal)
Port Authority taps Silverstein, Brookfield to build 5WTC
Port Authority taps Silverstein, Brookfield to build 5WTC
Douglas Durst of the Durst Organization, Port Authority Executive Director Rick Cotton, and Conde Nast CEO Roger Lynch. (Getty)
Condé Nast isn’t paying rent at 1WTC amid lease dispute
Condé Nast isn’t paying rent at 1WTC amid lease dispute
The bus terminal was built in the 1950s and designed to serve one fourth of the riders it sees today. (Getty)
Port Authority to raze, replace “hell on earth” bus terminal
Port Authority to raze, replace “hell on earth” bus terminal
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
arrow_forward_ios

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

Loading...