Ground zero building in NY struggles to find tenants

NEW YORK (AP) — An 80-story skyscraper under construction at ground zero will have to stop at seven stories unless the developer can line up more tenants, planners said today, adding to problems that have plagued the $11.7 billion World Trade Center project.

Silverstein Properties Inc. said it is still looking for tenants to fill the first 10 floors of Three World Trade Center, the third-highest building in the planned office complex. Without those leases, the Port Authority of New York and New Jersey will not guarantee the financing that Silverstein needs to finish the building.

Construction would end at the "podium" level on the seventh floor, with the option of building up later on, and the floors below would be filled mainly with retail stores.

Many companies in New York are reluctant to invest in new offices because of the poor economy, and dozens are negotiating lower rents as five-year leases signed before the housing crash begin to expire. But both Silverstein and the port authority said they are confident the developer can get enough tenants lined up.

"We are currently speaking with a number of potential tenants and remain fully optimistic that we will sign a lease in time to complete the tower as scheduled in 2015," Larry Silverstein, the company's chief executive, said in a written statement.