Port Authority will pay just $12.3M to settle 1WTC contractor’s claims

Collavino Construction argued it was owed $87M for delays that led to bankruptcy of subsidiary

TRD New York /
May.May 20, 2016 08:31 AM

The Port Authority of New York and New Jersey agreed to pay $12.3 million to a Canadian contractor that poured concrete at One World Trade Center, far less than the company had sought.

Ontario-based Collavino Construction had hoped to collect $87 million after major delays on the project led to soaring costs for the firm, leading to the bankruptcy of one of its subsidiaries in 2014, the Wall Street Journal reported.

Collavino was hired in 2007, and was paid $352.6 million, hiring about 50 subcontractors. But various complications set back construction timetables by about two years.

A subsidiary of the company went bankrupt just weeks after the 104-story Downtown office tower opened. Collavino and the Port Authority have continued negotiating ever since.

The cash will allow Collavino to pay 95 percent of its debts to subcontractors and vendors. A judge must still sign off on the agreement. [WSJ]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

Akon and a rendering of Akon City in Senegal. (Credit: Getty Images and Hussein Bakri/BAD Consultant/Semer Group)

Inside Akon’s 2,000-acre crypto-city in Senegal

Is January the new April for real estate? (Credit: iStock)

Low mortgage rates could mean another hot winter in the housing market

Cheung Chung Kiu is no stranger to big real estate deals (Credit: Wikipedia)

Mysterious billionaire who bought $262M London mansion is obsessed with blockbuster real estate deals

(Credit: SimsWiki, Unsplash)

Welcome to affordable San Francisco! Here is your $1,000-a-month basement “sleeping pod”

Daniel Daggers is out at Knight Frank (Credit: Getty Images)

One of the UK’s top agents marketed a mansion like a US broker. He was fired

arrow_forward_ios
Loading...