NEW YORK CITY-Douglas Durst, whose company is one of two contenders for a minority stake in 1 World Trade Center, told the New York Post Tuesday that he supported the decision by the Port Authority of New York and New Jersey to delay choosing a financial partner. “It’s an important decision and they should take as much time as they think is necessary,” said Durst, chairman and co-president of the Durst Organization.
Similarly, the Post quoted Related Cos., the other remaining finalist out of a field of six, as saying the choice of a partner in the $2.6-million-square-foot project is “a critical decision and should not be rushed.” The Port has been considering potential partners since January. Published reports had said the authority might announce its decision at this week’s monthly meeting, but now has pushed it off until at least the July meeting.
In exchange for a $100-million stake in the office tower, the minority partner would get management and marketing rights. Click here for the complete Post story.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.