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Saturday, November 21, 
7:57 pm

Freedom Tower could find new owner

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Rendering of Freedom Tower to be built at the site of the World Trade Center in New YorkThe Port Authority of New York/New Jersey is looking for a buyer or partner to acquire the unfinished Freedom Tower in Manhattan, according to the New York Post. Related Cos. recently met with the Port Authority about a possible deal while Brookfield Properties Corp. spoke with the PA earlier in the year.

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The Post says the PA is open to structure a deal in a variety of ways, which includes the transfer of a long-term lease (the Port Authority owns the land), finding a financial partner such as Blackstone Group LP or Fortress Investment Group LLC, or a combination of both.

A deal would bring in much needed money and free the PA to develop other projects already underway such as the redevelopment of the rest of Ground Zero and the construction of Moynihan Station, which is expected to replace Pennsylvania Station in midtown Manhattan. - Gerald Magpily

See New York Post article





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