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Port Authority Approves Subsidies for 2 World Trade Project

  • Agency forgoes $9 million to get $500 million, Foye says
  • Fox, News Corp. haven't reached final agreement to relocate
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The Port Authority of New York and New Jersey approved subsidies to help expedite the construction of lower Manhattan’s 2 World Trade Center, where Rupert Murdoch’s 21st Century Fox Inc. and News Corp. companies have a tentative deal to move their headquarters from midtown.

Developer Silverstein Properties Inc., which leases the sites for 2 World Trade Center and two other towers from the Port Authority, would receive a rent break that amounts to $9 million over the life of the lease, Authority Director Patrick Foye said, just before the agency board unanimously approved the proposal.