However, John E. Zuccotti, chairman of Brookfield Financial Properties, claims that he has exclusive development rights according to a 1983 agreement between BPCA and Brookfield's predecessor, Olympia and York. James F. Gill, chairman of the BPCA, says that not only do these rights "not exist," but fears that Zuccotti's claims have the potential to drive Site 26's selling price down and ward off potential buyers. With industry experts growing increasingly wary of the nation's economic future, significant delays could be deadly. According to published reports, Gill asserts "if I were to put out a request for proposals, interested people would see an outstanding claim and would see being in court for a substantial period of time. [Zuccotti's claims] cast a pall."
Brookfield is sticking to their guns. In an official statement submitted by Katherine Wyse, Brookfield's vice president of investor relations and communications, "[Brookfield] obtained certain rights affecting future commercial development at Battery Park City as a central part of the agreement to construct the World Financial Center. Brookfield continues to hold these rights and is confident that its position will be sustained through adjudication." Although Gill has insisted there is no animosity between the authority and Brookfield, there can only be one winner, and it remains to be seen whether that winner will be Brookfield or the BPCA.
© 2025 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.