Port Authority investigating “secret” $10 WTC naming deal

Nonprofit has netted millions licensing name to complex

New York /
Sep.September 09, 2013 10:41 AM

Port Authority officials will review what they say was a “secret deal” decades ago to sell the rights to the “World Trade Center” name to a nonprofit for just $10 – an agreement that the authority now wants out of.

The deal also requires the authority to give the nonprofit group World Trade Centers Association free office space — which is valued at $500,000 — in the new, 1,776-foot high 1 World Trade Center tower, for use of the name. “I am gravely concerned that a secret deal, years ago, sold the name of the World Trade Center for 10 bucks,” Port Authority Deputy executive director Bill Baroni told the New York Daily News. “And I’m going to look into (it).”

Former WTCA executive Guy Tozzoli earned millions by licensing the name through the WTCA to the World Trade Center complex, the Bergen Record reported.

But the WTCA’s legal counsel Scott Richie told the Daily News that there was nothing shady about the deal. “I think the 1986 agreement speaks for itself,” Richie said. “It was signed by the appropriate officer of the Port Authority.” [NYDN]Hiten Samtani 


Related Articles

arrow_forward_ios
Andrew Cuomo with the Port Authority Bus Terminal, Penn Station, and AirTrain JFK (Getty, ajay_suresh via Flickr, Ad Meskens/Wikimedia)
Three key Cuomo projects now on Kathy Hochul’s plate
Three key Cuomo projects now on Kathy Hochul’s plate
From left: One WTC, Douglas Durst, Donald and Steven Newhouse (iStock, Getty)
Condé Nast pays back rent at One WTC, ending standoff with Durst
Condé Nast pays back rent at One WTC, ending standoff with Durst
Port Authority Inks Deal to Bring $145M Cargo Hub to JFK (iStock)
Port Authority inks deal to bring $145M cargo hub to JFK
Port Authority inks deal to bring $145M cargo hub to JFK
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
arrow_forward_ios

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

Loading...