NEW YORK CITY—The Port Authority of New York and NewJersey's Board of Commissioners decided today to put offthe controversial vote on a financing deal valued at more than $1billion on the construction of 3 World TradeCenter until its next meeting in May.
Port Authority Executive Director Pat Foye saysthe vote on providing developer SilversteinProperties Inc. with a $1.2-billionfinancial guarantee was tabled because negotiations between theauthority and Silverstein were not finalized, according toCrain's New York Business.
The backing from the Port Authority would allow Silverstein tosecure financing for the 53-story, 2.8-million-square-footbuilding. The vote has revealed a divide among Port Authoritycommissioners on the 3 WTC financing plan.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
