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.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.