The Port Authority of New York and New Jersey is poised to recover nearly all of its anticipated $16 billion investment for the rebuilding of the World Trade Center with redevelopment of the site also creating economic benefits, according to a new report from New York University's Rudin Center for Transportation.
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"The World Trade Center project will ultimately generate enormous economic return for New York and the region, while preserving the Port Authority's ability to invest in its core transportation assets," said Mitchell L. Moss, director of NYU's Rudin Center for Transportation. "The general view of New Yorkers, the media, and the civic community has been that the rebuilding of the World Trade Center, while necessary, has come at a major cost to the Port Authority's bottom line," he said. "Our findings tell a different story."
In addition to received payments, the Port Authority is also expected to get between $800 million and $1 billion for the sale or lease of the 5 World Trade Center. The agency is also slated to receive $177 million annually starting in 2020 for lease payments by Silverstein Properties and One World Trade Center payments.
"While the Port Authority eventually will recoup most of its expenditures in nominal terms over the very long term, the massive rebuilding has required tremendous agency focus and created significant economic burdens for the agency and impacted investment at our other assets," said Port Authority spokesman Steve Coleman.
