The Neverending Story
he Neverending Story
Final W.T.C. Deal with Silverstein Faces Delay
By Eliot Brown 8/04/10 8:34pm
The tentative restructuring of the World Trade Center financial deal between developer Larry Silverstein and an array of governmental players is taking longer than expected to complete.
A tentative deal between Silverstein Properties, the Port Authority, the Bloomberg administration and the Paterson administration was struck on March 25, with the parties giving themselves 120 days to reach a final agreement.
That 120 days came and went on July 23, and, tomorrow, the Port Authority is holding its monthly meeting, and the Silverstein deal will not be on the agenda, according to multiple people familiar with the deal.
Government officials hope to complete it within the coming weeks, and there don’t seem to be any major sore points—at least not yet.
Still, the deal needs to be approved by the Port Authority’s board, and at least as of March, some leading board members and the agency’s staff weren’t exactly on the same page.