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

TRD 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
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

A Brooklyn landlord waives April rents voluntarily (Credit: iStock)

Brooklyn landlord voluntarily waives April rents at all 18 properties

Spaces Event

Look inside: TRD‘s co-working event at SPACES’ Dumbo location

Coronavirus catches New Yorkers in the middle of deals and moves (Credit: iStock)

Some New York renters were caught mid-move

187 Penzance Road, Woods Hole (Credit: Hawk Visuals for Sotheby’s International Realty)

Wood’s Hole mansion breaks Cape Cod sales record

81 Prospect Street at Dumbo Heights (Credit: Google Maps)

WeWork shuts Brooklyn location after employee gets Covid-19

arrow_forward_ios
Loading...