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World Trade Center Developer Threatens Arbitration

The developer of the World Trade Center site has threatened to go to arbitration to settle a months-long impasse to rebuild ground zero.

Larry Silverstein says he will go to the arbitrator if he and the Port Authority of New York and New Jersey can't work out their differences in two weeks.

The impasse threatens to stall construction of a Sept. 11 memorial transit hub and office towers at ground zero.

Silverstein leased the twin towers six weeks before they collapsed on Sept. 11, 2001. He has rights to build three of five planned towers at the site. He has asked the Port Authority to back financing for two of the towers, but the agency has said it can only afford to back one tower.

Weeks of talks failed to produce an agreement.

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    Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.

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