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.