on may 11, 2009, it was announced that the port authority of new york and new jersey was seeking to reduce 175 greenwich street to a "stump" building of approximately four stories. the overall plan, which also called for a similar reduction in height for 2 world trade center and the indefinite postponement of 5 world trade center, would halve the amount of office space available in the fully reconstructed world trade center to . the agency cited the recession and disagreements with developer larry silverstein as reasons for the proposed reduction. silverstein opposed the plan, filing a notice of dispute on july 7, 2009. by doing so, the development firm began a two-week period during which renegotiated settlements and a binding arbitration regarding the construction of the four world trade center towers could be made. silverstein properties, which has paid the port authority over in financing, noted the organization's inability to meet construction obligations in its official complaint.