World Trade Center Rebuilding Pays Off for Port Authority and the Region
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. Findings in a new report by the NYU Rudin Center, with the assistance of Appleseed, tell a different story: 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.
This analysis shows that the Port Authority of New York & New Jersey is poised to recover nearly all - between 97.4 and 98.6 percent - of its anticipated $16.76 billion investment in the rebuilding of the World Trade Center, and confirms that the redevelopment of the site has already generated substantial benefits for the New York-New Jersey region.
Utilizing a wide range of data sources, the Rudin Center report accounts for Port Authority reimbursements and revenue from various sources, including:
- Insurance proceeds – from both the Port Authority and Silverstein Properties’ insurers
- Post-9/11 federal funding
- Revenues from One World Trade Center
- Ground lease payments from Silverstein Properties
- Payments by Westfield for rights to the World Trade Center retail space
- Income from the sale or lease of the 5 World Trade Center site
Read the report in full here: Surprise! World Trade Center Rebuilding Pays Off for the Port Authority – And the Region