NEW YORK CITY-Silverstein Properties, now building Tower 4 at the World Trade Center site, may have to pay higher interest rates on a planned bond sale to satisfy investor demand for yield.
The developer and the Port Authority of New York & New Jersey that owns the building land in Manhattan are planning to market the tax-exempt bonds worth $1.37 billion in order to continue construction of the 1.8 million-square-foot Tower 4, which is anticipated to be completed in 2013. For the full story, go to Wall Street Journal.
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