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Port Authority May Sell Parts of Freedom Tower

Port Authority May Sell Parts of Freedom Tower

Sep 21, 2007
By By: New York Sun | New York Sun

In a move that could lessen the state’s ownership stake in the Freedom Tower, the Port Authority of New York and New Jersey is moving forward with a search for possible financial partners for the building

The Port Authority, a state agency that currently is the sole owner of the planned Freedom Tower, yesterday announced it hired Deutsche Bank to perform the work to determine the feasibility of bringing in equity partners.

While the agency has not committed to selling off some or all of the building, the feasibility study marks a clear step in that direction.

“We’re looking at any and all options,” a Port Authority spokesman, Steven Coleman, said.

The Port Authority owns the entire 16-acre site at ground zero, though it is leasing the land for the other three towers to developer Larry Silverstein.

 

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