June 20th - June 24th, 2011

9/11 Health Benefits to Expand

June 21 –- New rules proposed for the James Zadroga 9/11 Health and Compensation Act are currently subject to a public comment period and are not yet finalized, reported the Wall Street Journal. The revisions include an expanded geographical footprint would allow for a larger number of people to apply for the fund. The updates do include claims for mental problems as a result of the attacks. The fund has not yet decided which diseases are eligible for compensation based on the findings of the World Trade Center Health Program.

Con Ed May Sue for Negligence

June 21 –The New York Post reports, U.S. Second Circuit Court of Appeals has ruled that Con Ed may sue the Port Authority of New York and New Jersey for negligence over the substation destroyed on September 11, 2001. The substation built beneath 7 WTC was destroyed by flames from diesel tanks and generators ignited that day. Con Ed has sued for the electric substation replacement cost of $38.6 million.

70 Pine Street Designated City Landmark

June 21 – When it was complete in 1932, the Art Deco skyscraper at 70 Pine Street was the third tallest behind the Empire State and Chrysler Buildings. Originally known as the Cities Service Building, it has had many owners since then. It was only recently though that the building’s current owner, developer Shan Eagle, LLC wasn’t opposed to the Landmarks Preservation Commission designating the building a city landmark.

Port Authority and Westfield Seek to Finalize Agreement

June 22 – The Port Authority of New York & New Jersey is seeking to finalize a retail agreement with Westfield Group, reported Crain’s New York. The proposal reached in 2008 agreed for both parties to develop the retail space at the World Trade Center site. In 2008 a letter of intent was signed with the Port agreeing to provide approximately $825 million toward the $1.45 billion project and Westfield would provide the balance. However that agreement was based on a high projection of retail space then will be available. Westfield operates one of the world’s largest shopping center portfolios with 119 global properties.

AVIC Returning to New York

June 22 – China Center, which was the first private company to sign a lease with the Port Authority of New York and New Jersey for 1 World Trade Center in 2009 has announced it’s first tenant, reported China Daily. The Beijing-based AVIC International has announced it will reopen an east coast office. They specialize in aviation trade and international market development. China Center has leased the 64^th to 69^th floors and intends to rent out two of the five floors for office space and designate the other floors as a conference facility for business and cultural events.

US Mint Releases 9/11 Commemorative Medal

June 23 – The United State Mint officially unveiled the only medal commemorating the 10^th anniversary of the September 11 attacks. The pure silver medal will sell for $56.95, of which $10 will go to the National 9/11 Memorial and Museum. The medals go on sale Monday, June 27.

70 Pine Street Sold

June 23 – Days after receiving landmark status, 70 Pine Street is getting a new owner, reported Crain’s New York. Ronald Bruckner and Nathan Berman, are purchasing the former AIG headquarters and plan to turn it into a residential property. In 2009 Young Woo & Associates and South Korea’s Kumho Investment Bank bought the tower and neighboring building, 72 Wall Street for $150 million. Sources said the current price was $205 million.