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More WTC Arbitration This Week

Monday, October 12, 2009

Another round of arbitration begins this week in the fight over the World Trade Center site. This time, developer Larry Silverstein is arguing he's getting financially hurt by the Port Authority's delays. WNYC's Matthew Schuerman reports:

REPORTER: Silverstein took the issue to binding arbitration this summer after he failed to convince the Port Authority and Governor David Paterson to guarantee the loans he needs to build office towers at ground zero.

Silverstein says delays on the publicly funded parts of the site, such as the PATH terminal, are making it harder for him to attract private financing for the buildings. And if he doesn't finish all three of his towers by the years 2013 and 2014, he'll be forced to forfeit them entirely under the terms of his lease with the Port Authority.

The hearings will take two to three weeks. The panel isn't expected to rule until November or December. For WNYC, I'm Matthew Schuerman.

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