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."
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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