Goldman could gain $321M from WTC deal

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Goldman Sachs is about to cash in on delays at the World Trade Center site. Under the undisclosed terms of a deal approved by then-Gov. George Pataki and Mayor Michael Bloomberg in 2005, Goldman could benefit from compensation worth $321 million because large portions of the World Trade Center won’t be rebuilt by next year. The investment bank wanted Ground Zero quickly rebuilt because it is building a new $2.4 billion tower across from the site on West Street. Goldman could get 64 years of free rent worth $161 million (its tower stands on state land), and could also recoup $160 million in sales tax payments. The firm had been threatening to move to New Jersey when it negotiated the deal, which allowed it to put $161 million it owed in rent and $160 million in sales taxes into escrow accounts. It also got $1.65 billion in tax-free Liberty Bonds and a $115 million incentive package. 

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