Silverstein Funding Deal Jump-Starts Trade Center Tower
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Larry Silverstein said he plans to restart construction at lower Manhattan’s 3 World Trade Center, stalled at eight stories, following a new financing agreement with the Port Authority of New York and New Jersey.
The deal takes $159 million of insurance proceeds that had been held in escrow until the building was finished, and makes the money immediately available, Port Authority Executive Director Patrick Foye said at a press conference yesterday. Silverstein said he plans to “immediately jump-start vertical construction” of the 80-story skyscraper.