Port Authority of New York and New Jersey · Full chronicle and history

The dispute over rebuilding the World Trade Center site continued for years after 911, and the mayor of New York once asked Silverstein to withdraw from the project. Later, all parties reached an agreement: Silverstein gave up his rights to rebuild One World Trade Center, which would be handled by the Port Authority, and in return was allowed to continue constructing the remaining buildings such as Three and Four World Trade Center.

On July 24, 2001, Silverstein Properties, owned by the famous American real estate developer Larry Silverstein, officially signed a 99-year lease agreement for the World Trade Center with the Port Authority of New York and New Jersey, acquiring the operating rights of the World Trade Center Twin Towers and the affiliated building complex for $3.2 billion. This was the largest privatization transaction since the landmark's completion. However, only seven weeks after the signing, the World Trade Center suffered devastating impacts and collapsed in the 911 terrorist attacks.