Port Auth. Reopens Freedom Tower Deal

By
Matthew Schuerman
WNYC News | Jul 12, 2010

New York, NY —

The Port Authority says it's once again negotiating with developer Larry Silverstein. This time it's to change an agreement struck two years ago. The Port Authority took on the financial responsibility of constructing the troubled Freedom Tower. In return, Silverstein gave up some of his insurance awards.

But that still left Silverstein on his own to get loans to build three office towers at Ground Zero by the end of the year 2012. Port Authority Executive Director Chris Ward says the authority is reconsidering that arrangement.

WARD: We all recognize it's a difficult financial market and we are looking to find ways to restructure the transaction in ways for it to meet the market and meets the Port Authority's financial requirements.

REPORTER: An individual briefed on the negotiations says Silverstein is asking for more money and time to complete the office towers. A spokesman for the developer would not comment.

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Matthew Schuerman

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