Quote:
Now, while holding to the line that JPMorgan could still build, the Port Authority on Thursday opened up some $61 million in tax credits intended for the financial firm to anyone who will take them. The subsidy, $5 per square foot off the rent for 750,000 square feet of space, can go to any business that takes space anywhere at the World Trade Center site or at site 5.
“What this is doing is reallocating it site-wide,” said Chris Ward, the Port Authority’s executive director. “There had obviously been an earlier discussion with site 5 and its availability for JPMorgan Chase. While that transaction is currently in hiatus, we thought it was important to make clear that it would be available to any commercial tenant who wanted to come downtown.”
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I think this is just the beginning of the end of JPMorgan's involvement with the site. But with the state of demolition on site, there hasn't really been a huge push to get this moving forward.
That $5 per sf discount can also go to Larry Silverstein's towers.