Bond Sale to Help Restart Construction on 3 World Trade Center Tower in NYC

In addition to the debt and insurance proceeds, the development will also be financed by $55 million of equity from the developer, $210 million from the Port Authority and contributions from the state and New York City


A New York state development agency has approved the sale of as much as $1.8 billion in bonds for the 3 World Trade Cneter tower. Construction on the tower, which is scheduled to be completed in 2018, has been delayed more than a year after teh Port Authority of New York & New Jersey balked at guaranteeing the debt.

Construction of the 80-floor tower was stalled at eight floors until June when the Port Authority approved a financing agreement that allowed developer Larry Silverstein to use $159 million of insurance proceeds to finish the tower.

(more on the bond sale for 3 World Trade Center...)