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Port Authority Considering Millions in Subsidies for 2 World Trade Center

New York Other

After financing has stalled at the monumental project, the Port Authority and New York State are considering up to $25M in aid to help jump-start construction at 2 World Trade Center.

The support would come in the form of a $15M one-time payment from the state and a $10M tax credit. Rent subsidies for prospective anchor tenants News Corp and 21st Century Fox are also on the table, which could be worth as much as $43M to the Rupert Murdoch-owned companies, according to The Real Deal.

Silverstein Properties, the developer for 2 World Trade Center, has also been seeking to raise $500M in EB-5 funding to complete the 1,270-foot-tall project. [TRD]