Developer Larry Silverstein has reached a tentative deal with the Port Authority of New York and New Jersey to finance construction of two new office towers at the World Trade Center Site in Manhattan. The agreement ends the 16-month holdup in negotiations. Under the deal, the Port Authority would provide $1 billion in financing for the first tower. The Port Authority, along with the city and New York state, would also provide $600 million for the second tower -- although the financing for the second hinges on Silverstein's ability to raise $300 million privately and secure leases from corporate tenants.

Related Summaries