Search
 

Port Forges Ahead at WTC

NEW YORK CITY-The Port Authority's board approved to sell additional bonds for Ground Zero redevelopment and to retain Cushman & Wakefield for advisory services.

By Cody Lyon | Updated on November 20, 2009

NEW YORK CITY-Board members questioned construction cost increases at public works projects and a monthly retaining fee for real estate firm Cushman & Wakefield on the World Trade Center at the monthly meeting of the Port Authority of New York and New Jersey Thursday. But, despite a couple of tough volleys, and remarks that this “is not a happy meeting” by one board member, authorizations and re-authorizations were approved. They included the issuance and sale of up to $1 billion in additional consolidated bonds and notes for capital expenditures in connection with the WTC redevelopment.

Board members also voted to retain C&W for its real estate and financial advisory services. A PANYNJ spokesman tells GlobeSt.com these include acting in an advisory capacity in the authority’s current arbitration process with Silverstein Properties Inc. over development at Ground Zero, as well as negotiating a financial agreement with SPI in the future.

Specifically, the board gave the executive director authorization to increase, by up to $2 million, under an existing agreement, bringing the total amount authorized for the services to $4 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.