Port Authority may subsidize Rupert Murdoch’s 2 WTC lease

News Corp., 21st Century Fox's rent could be reduced by $43 million in total

New York /
Dec.December 08, 2015 08:21 AM

The financing of 2 World Trade Center has apparently stalled, with New York State and the Port Authority now considering millions in subsidies for construction of the monumental project.

The State and the Authority are mulling a total of $25 million in aid to jumpstart construction, as well as a rent subsidy worth $43 million for prospective anchor tenants News Corp. and 21st Century Fox, both owned by Rupert Murdoch.

The project’s success “is contingent on some public sector support,” according to a statement from the Authority. It had previously said the project wouldn’t require such support.

The aid would consist of a one-time payment of $15 million from New York State, as well as a $10 million tax credit, Politico reported. Silverstein Development net-leases 2 WTC.

News Corp and 21st Century Fox, both controlled by the Murdoch family, signed a nonbinding letter of intent to take 1.5 million square feet at the Bjarke Ingels-designed tower.

Larry Silverstein has been seeking $500 million in EB-5 funding as well as a construction loan worth about $2.2 billion[Politico]Ariel Stulberg


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Ex-partners’ feud stalls $140M development in Port Chester
Ex-partners’ feud stalls $140M development in Port Chester
Ex-partners’ feud stalls $140M development in Port Chester
SL Green CEO Marc Holliday, Chelsea Piers Fitness CEO David Tewksbury and One Madison Avenue (Getty, SL Green)
Chelsea Piers is coming to SL Green’s One Madison
Chelsea Piers is coming to SL Green’s One Madison
Prices for the few homes in Fairfield are still going up (iStock)
Few listings, sustained demand keeps Fairfield home prices near record highs
Few listings, sustained demand keeps Fairfield home prices near record highs
MSquared Managing Principal Alicia Glen (Getty)
Alicia Glen raises $108M for affordable housing fund
Alicia Glen raises $108M for affordable housing fund
79 Clifton Place, 80-01 37th Avenue, 45 East Mosholu Parkway North (LoopNet, Google Maps)
Residential dealmakers storm city’s investment sales market
Residential dealmakers storm city’s investment sales market
arrow_forward_ios

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

Loading...