THE TWIN TOWERS JOURNAL

For the Record

There are two ways of spreading light: to be the candle or the mirror that reflects it. — Edith Wharton

SPRING IS HERE | Developing Issue 3 — March 19-25, 2012

There is something thrilling, no matter how many times we have seen it before, when a landscape that looks dead starts coming to life. The picture above is a study in the dichotomy of early spring — the brilliant buds and the leafless tree. We recognize the same promising signs in the long struggle for a worthy World Trade Center, and will not be surprised when it buds and blossoms.

One of those signs is that the lack of good sense behind the current project becomes clearer all the time. As the analyis by Nicole Gelinas in the NY Torch makes clear, the Freedom Tower may be costing as much as twice what it’s worth. And as hard as diehard boosters, such as Steve Cuozzo at the NY Post try, they can’t deny the shocking lack of interest in the building that the public took off Mr. Silverstein’s hands.

Now that the Port Authority is opening its books to auditors, it is a good time to audit all of the bewildering deals that seem to be a bonanza for a man who has none of his own money invested in the Trade Center site. Now that he is pulling $65 million out of 7 World Trade Center, how much of it is he reinvesting into the site?

NYTorch.com | “World Trade Center figures for thought“

New York Post | “Chadbourne & Parke WTC deal is ‘dead’“

GlobeSt.com | “Silverstein to Refinance $577M in Bonds at 7 WTC“

The RealDeal.com | “Silverstein refinances 7 WTC, takes out $65M in cash“

NorthJersey.com| “9/11 ‘Survivor Tree’ blossoms at start of spring“

Yahoo.com–AP | “NYC has solar, wind power plans for old dump site“

Updated: April 4, 2012

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