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

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

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

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
100 East 53rd Street,  China Vanke chairman Yu Liang and RFR's Aby Rosen (Photos via Structure Tone and Getty)

Aby Rosen accuses Chinese partner of “power grab” after condo loan default

Aby Rosen accuses Chinese partner of “power grab” after condo loan default
(Getty)

When the music stops: Guitar Center could file for bankruptcy

When the music stops: Guitar Center could file for bankruptcy
Jules Trump talks luxury towers and assembling in Sunny Isles Beach in TRD's Coffee Talks

Jules Trump talks luxury towers and assembling in Sunny Isles Beach in TRD’s Coffee Talks

Jules Trump talks luxury towers and assembling in Sunny Isles Beach in TRD’s Coffee Talks
Sam Chang and 140 West 28th Street (Gene Kaufman Architects)

Sam Chang sells hotel in Chelsea for $147M

Sam Chang sells hotel in Chelsea for $147M
New York Attorney General Letitia James and 63-36 99th Street in Rego Park (Getty; StreetEasy)

“Not on my watch”: AG Tish James fines developers who violated 421a

“Not on my watch”: AG Tish James fines developers who violated 421a
arrow_forward_ios

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

Loading...