Delay in WTC dispute could cost Port Authority $2.7 billion

07/16/2009 | Bloomberg

Delays in settling the dispute over the financing of skyscrapers at the site of the former World Trade Center could cost the Port Authority of New York and New Jersey $2.7 billion, according to media reports that cite infrastructure, base construction and lost rent costs. Developer Larry Silverstein wants the Port Authority to provide financial guarantees for two towers, but the Port Authority says the proposal is too risky. Stephen Sigmund, a spokesman for the authority, says the estimate is not correct and that it would be more costly to do as Silverstein wishes.

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