Now that One World Trade Center is finally completed and opened, the Port Authority reportedly wants out, according to the Wall Street Journal. A report released over the weekend details a plan from Governors Cuomo and Christie to revamp the agency in the wake of Christie's Bridgegate scandal by selling off its valuable real estate holdings and refocusing on transportation. (Hopefully, all the extra money the Port Authority would have would somehow prevent Christie from vindictively closing any other bridges? Just bear with him.) The most valuable among the real estate holdings is, of course, One WTC, in which the agency controls a 90 percent stake (the Durst Organization has the other 10 percent).
If the Port Authority does decide to sell the Freedom Tower, it has a number of options. It could pursue an outright sale, lease the property, or partner with a private company. Port Authority chairman John Degnan, for his part, says that figuring out how to sell the tower could take years, elaborating, "We've spent billions of dollars to build the World Trade Center—I'm not getting rid of it on a fire sale. I believe in the end it is going to be a profitable venture and will result in the Port Authority financially benefiting from its sale."
· Port Authority to Explore Selling Its Real Estate [WSJ]
· One World Trade Center coverage [Curbed]
· Port Authority coverage [Curbed]