NY investigating secret $10 deal that sold WTC naming rights

Governor Andrew Cuomo. Credit: Mario Tama/Getty Image News
Gov. Andrew Cuomo says the World Trade Center belongs to the public. Credit: Mario Tama/Getty Image News

Gov. Andrew Cuomo has asked the state attorney general to investigate a shady 1986 deal that sold the rights to the World Trade Center’s name to a nonprofit, which then profited enormously from the brand.

In the secretive acquisition, the World Trade Centers Association bought the exclusive rights to the name from the Port Authority for just $10. In the intervening years, the association, headed by former Port Authority executive Guy Tozzoli, has earned tens millions of dollars off the naming rights. Tozzoli, who died in February, made millions during his nearly 30-year tenure at the WTCA.

Attorney General Eric Schneiderman has been tasked with determining whether the deal was illegal and whether Tozzoli and other officials received improper compensation that should have gone to the Port Authority and to taxpayers.

“The World Trade Center has become a public symbol of our city, state and nation, and it is troubling that an organization has made millions of dollars off the sale of what in essence belongs to the public,” Cuomo said in a statement.

The governor added that if any wrongdoing was uncovered, he and the attorney general would, “if appropriate, seek to recoup the value of the World Trade Center name for New Yorkers.”



News
Entertainment
Sports
Lifestyle
Local

NYPD looking for man they say assaulted elderly…

      The New York City Police Department is asking for the public's assistance in locating a Hispanic male 20's wanted in connection with…

Local

Three arrested after allegedly assaulting off-duty officer in…

Three men were arrested early Saturday morning after allegedly assaulting an off-duty officer at a Bronx bodega, and the NYPD is asking for the public's…

Local

Healthcare union creates vibrant West Indian Day Parade…

Volunteers worked almost around the clock through the weekend, putting the flashy finishing touches on hundreds of costume pieces 1199SEIU members will wear while marching…

National

Top 10 most hipster college campuses

Hipsters are everywhere these days. You can't walk down the anywhere anymore without seeing a pair of skinny jeans on a handlebar mustachioed 20-something, a…

Arts

Theater: Discouraging 'Poor Behavior'

Theresa Rebeck's latest off-Broadway play, about two couples sparring on a weekend getaway, repeats a few mistakes of her past.

Gossip

Chef Todd English arrested for DWI in the…

Celebrity chef Todd English is facing DWI charges after a traffic stop on Sunday.

Movies

Box office: 'Guardians of the Galaxy' is 2014's…

This weekend "The Guardians of the Galaxy" passed the fourth "Transformers" movie to become the highest grossing film of 2014.

Gossip

Spears back with controversial ex?

Is Briteny Spears back with Adnan Ghalib?

Sports

Novak Djokovic feeds off US Open crowd to…

Novak Djokovic isn't a native New Yorker, but he sure knows how to use the U.S. Open crowd to his advantage.

NFL

Odell Beckham still 'weeks away,' Tom Coughlin angry…

Giants head coach Tom Coughlin has fought a losing battle against the media all preseason over the status of wide receiver Odell Beckham Jr.

NFL

3 things we learned in the Giants preseason…

The final score didn’t matter — a 16-13 win by the Giants — but it would’ve been nice to finally see Big Blue’s new-look offense get on track.

NFL

NFL Power Rankings: Seahawks, Broncos, Patriots, 49ers start…

NFL Power Rankings: Seahawks, Broncos, Patriots start at top

Education

These college students think breakfast is the most…

  It should be no surprise that the city that never sleeps is also home to the most students who like to order food in…

Sex

When it comes to dating, height matters

Does a man’s height really matter when it comes to dating? Unfortunately - according to a new study - the answer looks like it’s yes.…

Travel

10 free apps to make traveling easier

Finding the nearest bathroom, calculating currency exchanges and locating your departure gate must have been difficult for travelers of previous generations. But we wouldn't know,…

Travel

How to get a seat upgrade to business…

It used to be much easier to upgrade your coach seat to business or even first class, but rigid rules and tighter schedules have made…