Developer Larry Silverstein will seek private funding for the construction of lower Manhattan’s 3 World Trade Center as the Port Authority of New York and New Jersey backs away from providing a loan guarantee, a person with knowledge of his plans said.
The Port Authority of New York and New Jersey’s failure to agree to a loan guarantee for World Trade Center site developer Larry Silverstein shows agency leaders are wrestling over its direction as they seek to fix the dysfunction exposed by the George Washington Bridge scandal.
The Port Authority of New York and New Jersey is seeking to bring more private money into a financing package to help Larry Silverstein build 3 World Trade Center in lower Manhattan after commissioners balked at providing a $1.2 billion loan guarantee.
The Port Authority of New York and New Jersey postponed a vote on a proposal for a $1.2 billion loan guarantee that would help developer Larry Silverstein build 3 World Trade Center in lower Manhattan.
Growing up in the South Bronx, Ken Lipper sat at his grandmother’s knee, tallying the hems and collars she sewed. The 7-year-old boy wanted to ensure the immigrant from Russia, who spoke no English, was properly paid.
A financing plan for a third World Trade Center skyscraper in lower Manhattan is at risk as commissioners of the Port Authority of New York and New Jersey prepare to vote on a $1.2 billion loan guarantee.