The Public-Private Pit

East, East Coast
Monday, April 5, 2010
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If you build it... Well, will ya? (D-Box/Courtesy Silverstein Properties)

The most recent deal to get the final pieces of the World Trade Center site off the ground was supposed to be, or so the players involved made it seem, the final one. No more handouts, no more delays. But as our colleague Eliot Brown over at the Observer points out, this is far from the first deal that has been brokered between the Port Authority and Silverstein Properties. It is in fact the fourth, and it quite possibly has brought the public’s total investment in the private portion of the site—to say nothing of such public expenditures as the $3.2 billion (formerly $2 billion) PATH station—to possibly $2 billion. “While the ultimate public tab may never come to be that high, what is clear is that the amount of public assistance for what is now to be two private World Trade Center towers with 4 million square feet is exceptional, and far more than ever advertised or anticipated when the rebuilding plan was sold to the public,” Brown writes. Read More

Everybody Wants a Bailout

East, East Coast
Monday, July 6, 2009
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Money pits.

Money pits: World Trade Center and Atlantic Yards.

With the news today, reported by The Observer, that Larry Silverstein has begun legal proceedings against the Port Authority to end the gridlock at Ground Zero, as well as the developments two weeks prior at Atlantic Yards, it seems obvious to us what’s going on here. Having witnessed the financial titans across town receive hundreds of billions of dollars in bailout money, these developers now want theirs. Granted, so did Larry Flint and the porn industry, but the comparison bears consideration. Read More

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