The Port Authority of New York & New Jersey has postponed its vote on subsidies for Silverstein Properties‘ 3 World Trade Center until at least next month, according to published reports.
As previously reported, Scott Rechler, the vice chairman of the board of commissioners, is advocating a revised financing deal for the office tower. Under the latest proposal, the Port Authority would guarantee Silverstein Properties a $1.2 billion construction loan. At a meeting on Wednesday, Mr. Rechler explained the proposal to the board’s commissioners, which will vote next month, according to Bloomberg News. Read More