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World Trade Center Developer Fighting Government Over Cost Of Towers

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Astor Kitsimble
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« on: July 07, 2009, 11:09:58 am »

(Page 2 of 2)

In that politically charged climate, Silverstein was forced to relinquish 33% of his development rights at the site - while quietly extracting fat development fees in return.

The payout is similar to a corporate "breakup fee," in which one company pays another - not to provide a service, but simply to walk away without suing after the collapse of a planned deal, two people familiar with the 2006 talks said.

Another analogy: alimony payments.

Silverstein also has drawn from insurance proceeds to pay himself $54.7 million in management fees and development fees up to $87.5 million for his three Church St. towers, which the pact also permits, records show.

Though his three signature buildings - including one that will dwarf the Empire State Building - haven't been built, funded or leased, Silverstein already has collected $142.2 million in fees on them - with a cool $68 million still to come, data show.

He has been charging the project an average of $2.5 million a month as he races toward a grand tally of $210.2 million in projected fees, mostly from the insurance payout, a News analysis found.

The agreement says the cash enables him to "pay certain expenses associated with development of the World Trade Center site."

Silverstein said the money goes toward "the enormous cost of running a $7 billion project that is now in its eighth year," paying for "dozens of highly skilled professionals, equipment and overhead, as well as the cost of creating and occupying a state-of-the-art, 40,000-square-foot design and construction studio."


http://www.nydailynews.com/real_estate/2009/04/14/2009-04-14_dream_job_for_silverstein_freedom_tower.html?page=1#ixzz0Kafp1oJ0&D
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