Two state agencies – The Port Authority and the Lower Manhattan Development Corp (LMDC) – have been embroiled in a years-long impasse over how to develop 5 World Trade Center. The duo appear to have finally resolved their differences by agreeing to sell the property, according to Crain’s.
Worth Noting: The site can accommodate over 1 million SF commercial or mixed-use development. It sits at the southernmost end of the World Trade Center, surrounded by Washington, Albany, and Greenwich Streets.
What comes next: Assuming the independent appraisals done by both Port Authority and LMDC are within 10% of each other, the agencies are going to move forward with a request for proposals. (Crain’s)