Posted May 27, 2026, 7:07 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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https://www.crainsnewyork.com/politics-policy/cny-kathryn-garcia-5-wtc-port-authority-20260527/
Port Authority rethinking 5 World Trade Center due to building material costs
By Kathryn Brenzel
May 27, 2026
Quote:
The final World Trade Center tower is on pause as the Port Authority and the developers figure out how to move forward, given the cost of building materials.
During a Crain’s Power Breakfast on Wednesday, Executive Director Kathryn Garcia said developers are still expected to set aside a third of the units at 5 World Trade Center as affordable, but the high cost of building materials — especially steel — have made moving forward, for now, untenable.
The agency acknowledged in March that the 1,200-unit project was on ice. At the time, officials said at a Manhattan Community Board meeting that they and developers Silverstein Properties and Brookfield Properties were exploring the mix of residential units to make sure that the project could move forward.
When asked on Wednesday if the project’s affordability levels will be changed or more market rate units will be added, Garcia said the agency is focusing on a different question.
“What are the materials you’re using? Are you building a steel and glass skyscraper? Or are you building with something else?” she said. “Steel is very expensive.”
Federal tariffs have driven up the price of steel and other materials.
She said the agency, which is leasing the site to the developers through a long-term lease, doesn’t have a timeframe for restarting the project.
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