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Silverstein Gets Its First Day at WTC Negotiation Table

NEW YORK CITY-Round Two of negotiations for the Downtown mega-complex gear up. But an inside source isn't placing bets on this bidder either. Meanwhile, the Boston Properties JV waits in the wings.

By Amy Vaughn | Updated on March 21, 2001

NEW YORK CITY-According to a spokesperson for Silverstein Properties, both Roger and Larry Silverstein spent yesterday, Tuesday, March 20, in negotiations with the Port Authority for the World Trade Center. An insider tells GlobeSt.com the only reason Vornado Realty was even called back to the table on Monday after negotiations turned sour last week was Vornado chairman Steve Roth called PA commissioners and “forced the issue,” so staff was ordered back to the table. Despite Roth’s push, the two sides could not agree and Silverstein got its day at the table.

Of the termination of negotiations with the PA, Vornado spokesperson Howard Rubenstein issued a statement saying, “It has been unable to reach a final agreement at this time with the Port Authority of New York and New Jersey to conclude a net lease of the World Trade Center Complex.” However, despite the cool exterior, an insider says, “This whole thing has gotten so very soap opera like.”

The source adds, “I never thought they would pick Vornado. When I thought about it though, it made sense. Vornado is tied to New Jersey politics. By picking Vornado it gave them the New Jersey vote. There are six New Jersey commissioner votes and six New York votes. New Jersey had been silent. Now with Silverstein I think it’s going to be interesting to see where New Jersey will come out on this thing.” Silverstein is a New York-based company with little holdings in the New Jersey market.

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