Thanks for the Upgrade, New York City!

Yesterday, the Daily News reported that mega-developer Larry Silverstein has collected more than $21 million from the Port Authority since 2006 to "develop" the Freedom Tower—even though he no longer has any role in constructing the 1,776-foot tower. Today, an unrelated Wall Street Journal article fills us in on what he's been doing with the big gift from taxpayers: He's trading in his old yacht (above) and building himself a bigger, better one:

The 174-foot twin-diesel-engine-powered boat is under development by Delta Marine in Washington state, according to SuperYachtTimes.com. The ship, set to deliver in 2010, will replace Mr. Silverstein's yacht, the 131-foot, 1987-vintage Silver Shalis.

It isn't clear what he is paying, but industry observers point to similar-size vessels that cost in the $30 million to $40 million range. Mr. Silverstein declined to comment.

We'd suggest Silverstein offer the public free boat rides around Manhattan considering taxpayers appear to be partially funding his new purchase. But we've got the Circle Line and that's plenty luxurious, so we won't even bother.

Port Authority paying Larry Silverstein $21.5 million [NYDN]
Silverstein's Other Project [WSJ]