3 World Trade Center

News / Press

WTC Owner Loses $300K/day Dispute with Developer

WTC Owner Loses $300K/day Dispute with Developer

Dec 12, 2008
By By: Associated Press | Associated Press

The World Trade Center site’s owner is paying developer Larry Silverstein another $26 million in late fees this year after an arbitrator ruled it hadn’t turned over land on the site in buildable condition.

The Port Authority of New York and New Jersey and Silverstein sought the independent ruling in a dispute over the land where Silverstein plans to build two skyscrapers.

The agency turned over the land to Silverstein on Oct. 5, and stopped paying $300,000-a-day penalties for breaking deadlines in its lease. But the arbitrator ruled that the agency still needs to remove a retaining wall on the land and do other construction work before it can stop paying the fees.

The agency will have paid Silverstein close to $70 million this year for missing deadlines.


Terms of Use

Copyright License

Use of this Website is subject to the terms of this disclaimer and by using the Website, you agree to these terms. Silverstein Properties, Inc. ("Silverstein") publishes this Website solely for general informational purposes and nothing herein is intended to be an offer of property, or leasehold or goods or services or employment or a representation as to property, or leasehold or goods or services or employment that will be provided to any person. Silverstein obtains some of the information on the Website from third parties and makes reasonable efforts to provide accurate information on the website. However, it cannot guarantee its accuracy and under no circumstances will it be responsible for inaccuracies whether in material provided by Silverstein or obtained from third parties. The information contained herein may change without notice. The information contained herein will only be considered a representation of Silverstein if repeated in a final contract signed by an authorized Silverstein representative.


Silverstein Properties, Inc. grants to you a limited non-exclusive, non-transferable license to view, copy and print the material on this web site (other than the design or layout of this Website) for your non-commercial or personal use only. All copies that you make must retain all copyright and other notices that are on this Website. Otherwise, you may not use, distribute, sell, modify, transmit, revise, reverse engineer, republish, post or create derivative works of the material on this Website without Silverstein Properties, Inc.'s prior written permission in each instance.

© Silverstein Properties, Inc., all rights reserved except as expressly provided elsewhere on this Website.