3 World Trade Center

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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.

 

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