"The problem on all fronts is money, as the developer Larry Silverstein watches his contribution to the tower's building fund diminish and federal promises of the full $21 billion in post-9/11 aid grow fainter by the day. Only last week, the governor's office acknowledged that Mr. Pataki had appealed to President Bush to help convert $5 billion in tax breaks to cash in order to help the downtown area. This idea, floated earlier by Mayor Bloomberg's office, makes sense. The tax breaks would not help in Lower Manhattan as much as direct aid. But cash — estimated in the range of $2 billion to $3 billion — could certainly boost an area still suffering from the aftershocks of 9/11."
One of the reasons we dont like silverstein around here is that he's a double dipper. It appears his greed has compelled him to spend millions from his insurance settlement on lawyers in an attempt to receive double payments on his insurance policies.
"Swiss Re, however, issued a statement shortly before the submission of the settlement offer, which questioned even that figure, stating that, "there are no circumstances under which World Trade Center leaseholder Larry Silverstein can ever recover more than $3.5 billion of insurance proceeds under the coverage purchased." Under this reasoning the actual amount is closer to $2.4 billion. According to Swiss Re this figure is actually "consistent with Silverstein's internal calculations." It also stated that "Pearson Partners, an independent real estate appraiser has estimated the actual cash value of the WTC complex at $2.156 billion under the Willis Property form (WilProp) that Silverstein used to bind the insurance coverage."
"One person close to the private developer said Mr. Silverstein intended to rebuild under the plan with conventional financing if need be. "Larry's not going anywhere," the person said. "Larry has an absolute right under his lease to build five office towers on five locations" as envisioned in a plan chosen in international competition last year."
Six weeks before the terrorist attack on the trade center, Mr. Silverstein completed a deal with the Port Authority of New York and New Jersey valued at $3.2 billion to lease the twin towers for 99 years. His partner, Westfield America, leased the 450,000-square-foot underground mall.
Mr. Silverstein said that under his lease, he is obligated to rebuild the 10 million square feet of office space that once stood at the trade center. But the two rebuilding proposals currently under consideration depict far less commercial space on the site. Mr. Silverstein contends that anything less than 10 million plays into the hands of the insurance companies, because they pay correspondingly less money.
"They're going to have to be tweaked to get up to 10 million square feet," Mr. Silverstein said of the proposals.
His legal battles with the insurance companies have involved months of litigation and a host of claims and counterclaims, mostly expressed in dry legal terms. But Swiss Re has been unusually personal and vitriolic, describing Mr. Silverstein as a rapacious developer whose insurance claims are "extortionate" and a "self-motivated hoax."
Last August, Mr. Dubois of Swiss Re expressed enthusiasm for Mr. Doctoroff's land swap proposal. "I think it's an opportunity for the city to take charge of the site," he said, adding, "We'd be much more amenable in our negotiations if we thought the beneficiaries were the people of New York, rather than someone claiming a huge windfall."
Fiterman Hall
shakedown street
I like the spirit of selflessness that's surfaced after a great tragedy.
|
- bill 7-05-2004 7:14 pm
One of the reasons we dont like silverstein around here is that he's a double dipper. It appears his greed has compelled him to spend millions from his insurance settlement on lawyers in an attempt to receive double payments on his insurance policies.
"Swiss Re, however, issued a statement shortly before the submission of the settlement offer, which questioned even that figure, stating that, "there are no circumstances under which World Trade Center leaseholder Larry Silverstein can ever recover more than $3.5 billion of insurance proceeds under the coverage purchased." Under this reasoning the actual amount is closer to $2.4 billion. According to Swiss Re this figure is actually "consistent with Silverstein's internal calculations." It also stated that "Pearson Partners, an independent real estate appraiser has estimated the actual cash value of the WTC complex at $2.156 billion under the Willis Property form (WilProp) that Silverstein used to bind the insurance coverage."
- bill 7-05-2004 7:16 pm [add a comment]
"One person close to the private developer said Mr. Silverstein intended to rebuild under the plan with conventional financing if need be. "Larry's not going anywhere," the person said. "Larry has an absolute right under his lease to build five office towers on five locations" as envisioned in a plan chosen in international competition last year."
- bill 7-05-2004 7:20 pm [add a comment]
Six weeks before the terrorist attack on the trade center, Mr. Silverstein completed a deal with the Port Authority of New York and New Jersey valued at $3.2 billion to lease the twin towers for 99 years. His partner, Westfield America, leased the 450,000-square-foot underground mall.
Mr. Silverstein said that under his lease, he is obligated to rebuild the 10 million square feet of office space that once stood at the trade center. But the two rebuilding proposals currently under consideration depict far less commercial space on the site. Mr. Silverstein contends that anything less than 10 million plays into the hands of the insurance companies, because they pay correspondingly less money.
"They're going to have to be tweaked to get up to 10 million square feet," Mr. Silverstein said of the proposals.
His legal battles with the insurance companies have involved months of litigation and a host of claims and counterclaims, mostly expressed in dry legal terms. But Swiss Re has been unusually personal and vitriolic, describing Mr. Silverstein as a rapacious developer whose insurance claims are "extortionate" and a "self-motivated hoax."
Last August, Mr. Dubois of Swiss Re expressed enthusiasm for Mr. Doctoroff's land swap proposal. "I think it's an opportunity for the city to take charge of the site," he said, adding, "We'd be much more amenable in our negotiations if we thought the beneficiaries were the people of New York, rather than someone claiming a huge windfall."
- bill 7-05-2004 9:18 pm [add a comment]
Fiterman Hall
- bill 7-05-2004 10:32 pm [add a comment]
shakedown street
- bill 7-24-2004 12:10 am [add a comment]
I like the spirit of selflessness that's surfaced after a great tragedy.
- tom moody 7-24-2004 12:33 am [add a comment]