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Silverstein May Be New Contender in WTC Talks

NEW YORK CITY-Contrary to popular belief, Steve Roth may not get the brass ring after all. Negotiations between the Port Authority and Vornado have stalled, and PA officials have renewed their interest in the #2 bidder, Silverstein Properties.

By Betsy Kraat | Updated on March 15, 2001

NEW YORK CITY-Speculations are running high as what many are calling “the deal of the century” is unraveling. The Wednesday (March 14) deadline passed without a contract after the Port Authority refused to grant an extension. The PA has expressed a renewed interest in Silverstein Properties, one of the passed-over bidders. According to published reports, Silverstein came in $25 million under Vornado’s bid, although Silverstein included $100 million more in its down-payment. George Donohue, former general manager of real estate at the Port Authority, tells GlobeSt.com he blames the disruption on politics and the economy.

“There are two components to examine here. First, you have to remember that there’s been an upset in leadership here, and the Port Authority is a political entity. New Jersey has a new governor, and that’s going to have some impact on the negotiations,” explains Donohue. “That sort of thing isn’t driven by the economy or the structure of the deal. Also, these stock market jitters have probably made [Vornado] feel like they’re buying at the top,” says Donohue. George Donohue is currently president of the William B. May Co.

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