The report states that Morgan would pay the Port Authority ofNew York and New Jersey $300 million for rights to the building,which is set for completion in five years. It would take a 90-yearlease on the space.
The program is the result of long negotiations between the bankand the city, with sticking points revolving around incentives.Apparently the bank had threatened to relocate from thecity--possibly to New Jersey of Connecticut, if "an acceptabledeal" could not be struck.
Clearly incentives are no longer an issue, and the deal includestax breaks as a well as a reduction of power costs. New York StateGovernor Eliot Spitzer is expected to formally unveil the deal thismorning, the AP report stated.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
