Mayor Says Developer Has Little to Lose at World Trade Center Site

Speaking to reporters this afternoon, Michael Bloomberg weighed in on the World Trade Center negotiations between the Port Authority and Larry Silverstein, painting the 77-year-old developer as a man with little to lose, someone who “doesn’t really have a lot of skin in the game.”
Silverstein has no equity in the World Trade Center site right now, according to people familiar with discussions.
The comments came after Silverstein approached the Port Authority, which owns the World Trade Center site, with a plan to finance some of his three office towers at the site. Building all three towers with private financing is considered an impossibility given the drought in lending—two of the towers have no tenants and citywide vacancy is on the rise.