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3 WTC Construction Gets a Lifeline

NEW YORK CITY—In a last ditch effort to get Silverstein Properties the cash it needs, the Port Authority will vote this week on applying 9/11 insurance money to the project.

By Rayna Katz | Updated on June 23, 2014

NEW YORK CITY—With the future of 3 World Trade Center in jeopardy, the Port Authority of New York and New Jersey has thought of another possible source of construction financing—on which the organization’s board will vote during a meeting on Wednesday.

The Port Authority board of commissioners will consider releasing more of the funds paid by the insurers of the original Trade Center after the complex’s destruction on 9/11, according to Crain’s New York Business. Roughly $150 million of insurance money that has been held in a reserve fund could be converted into cash that would help developer Larry Silverstein pay for the construction of the 2.5 million-square-foot, $2 billion tower.

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