Silverstein Properties as WTC Leaseholder

The Port Authority continues to own the WTC, and managed it until 2001. It was then that the agency accepted leasing bids from several private real-estate firms, allowing the Port to raise funds for other projects and the city to collect taxes on the property.

The Port announced in February 2001 that Vornado Realty Trust won the lease by outbidding Silverstein Properties by $50 million. When Vornado later withdrew, Silverstein’s bid was accepted on July 24th, 2001. The $3.25 billion deal for the 99-year lease was the largest real estate transaction in New York City’s history.