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Originally Posted by uaarkson
Anyway, this news makes me a little nervous. He needs to find financing soon so these towers can get finished before he has to forfeit the land. Hopefully the economy will be in full recovery mode by 2010.
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The problem is, the Port Authority has caused the delays, putting Silverstein years behind, which is the reason that date would be thrown out if Silverstein were not able to obtain the financing to get the towers completed by then...
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Under the terms of the lease, Mr. Silverstein must complete all of his three towers by 2014 now that he has received all of the land, or forfeit his towers and parcel.
But that timetable could change.
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The arbitration alone probably won't begin until the fall...
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Arbitration is expected to start in October, said sources familiar with the situation.
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