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

MTA fares still increasing 4 percent in newly…

The agency said the 4 percent increases, previously announced in December, will remain steady even as the MTA deals with increasing labor costs.

Local

De Blasio, Bratton defend city's efforts after Eric…

Mayor Bill de Blasio justified the city's response to the death of Eric Garner, a Staten Island man who died while in police custody earlier this month.

Local

NYPD: Suspect dead after two U.S. Marshals, cop…

A suspected sex offender died after a shooting at a West Village smoke shop that wounded two U.S. Marshals and an NYPD detective on Monday, officials said.

National

PHOTO: New Zealand Heral uses wrong image to…

The New Zealand Herald made a terrible mistake of using the wrong image to illustrate the tragic death of Staff Sergeant Guy Boyland – a New Zealand-born Israeli soldier who…

Movies

Interview: Brendan Gleeson on the way 'Calvary' depicts…

Brendan Gleeson talks about how his new film "Calvary" began over drinks and how his character here is the opposite of the lead in "The Guard."

Movies

'Get on Up' producer Mick Jagger on the…

Mick Jagger, a producer on the James Brown biopic "Get on Up," talks about the time had to tell the singer some bad news and his favorite JB record.

Television

'Glee' star Lea Michele to appear on 'Sons…

"Glee" star Lea Michele has been confirmed as a guest star in the final season of "Sons of Anarchy."

Television

TV watch list, Monday, July 28: 'The Bachelorette'…

See Andi Dorfman make her big choice on tonight's 'Bachelorette' finale.

NFL

Computer to Jets: Start Michael Vick over Geno…

Jets general manager John Idzik says the choice of who starts between second-year quarterback Geno Smith and veteran Michael Vick will be a “Jets decision.”

MLB

Yankees looking to trade for Josh Willingham: Report

CBS Sports’ Jon Heyman reported Sunday the Yankees are interested in Twins outfielder Josh Willingham.

MLB

Joe Torre: I'm in Hall of Fame because…

Joe Torre spent 18 years putting together a near Hall of Fame career as a player. But it was the 12 years he spent as…

MLB

Yankees GM Brian Cashman breaks down art of…

The action frequently accelerates as the non-waiver trade deadline approaches, as it will on Thursday.

Education

Babson College tops list of best colleges for…

Money magazine has just released its inaugural list of "The Best Colleges for Your Money" -- and the answers have surprised many. Babson College, which…

Education

NYC teens learn how to develop apps during…

Through a program sponsored by CampInteractive, the high schoolers designed their own community-focused apps.

Tech

The Ministry of Silly Walks app is both…

Monty Python have dug into their back catalogue for cash-ins once more, but with the Ministry of Silly Walks app, they've made something that's fun too.

Food

Zagat releases '30 Under 30' list

Zagat releases a list of the people changing the food and drink industry across the country.