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Context of '(8:00 a.m.) September 11, 2001: Larry Silverstein Doesn’t Go to WTC Due to Doctor’s Appointment'

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Larry Silverstein.
Larry Silverstein. [Source: Silverstein Properties publicity photo]Real estate development and investment firm Silverstein Properties and real estate investment trust Westfield America Inc. finalize a deal worth $3.2 billion to purchase a 99-year lease on the World Trade Center. The agreement covers the Twin Towers, World Trade Center Buildings 4 and 5 (two nine-story office buildings), and about 425,000 square feet of retail space. [New York Times, 4/27/2001; Port Authority of New York and New Jersey, 7/24/2001; IREIzine, 7/26/2001] Westfield America Inc. will be responsible for the retail space, known as the Mall. Silverstein Properties’ lease will cover the roughly 10 million square feet of office space of the Twin Towers and Buildings 4 and 5. Silverstein Properties already owns Building 7 of the WTC, which it built in 1987. This is the only time the WTC has ever changed hands since it was opened in 1973. [International Council of Shopping Centers, 4/27/2001; Westfield Group, 7/24/2001; Daily Telegraph, 9/11/2001; New York Times, 11/29/2001; CNN, 8/31/2002] It was previously controlled by the New York Port Authority, a bi-state government agency. [Wall Street Journal, 5/12/2007] Silverstein and Westfield are given the right to rebuild the structures if they are destroyed. [New Yorker, 5/20/2002]
Silverstein Properties Not the Highest Bidder - Silverstein Properties’ bid for the WTC, at $3.22 billion, was the second highest after Vornado Realty Trust’s, at $3.25 billion. Silverstein Properties won the contract only after protracted negotiations between the Port Authority and Vornado Realty Trust failed. The privatization of the WTC has been overseen by Lewis M. Eisenberg, the chairman of the Port Authority. Eisenberg, a financier, is involved in Republican politics. [New York Times, 3/17/2001; Forward, 8/20/2004]
Banks Provide Most Money for Deal - Larry Silverstein, the president of Silverstein Properties, only uses $14 million of his own money for the deal. His partners, who include real estate investors Lloyd Goldman and Joseph Cayre, put up a further $111 million, and banks provide $563 million in loans. [Brill, 2003, pp. 156; New York Times, 11/22/2003; South Florida CEO, 2/2005; Wall Street Journal, 9/11/2008]
Silverstein's Lenders Want More Insurance - The Port Authority had carried only $1.5 billion in insurance coverage on all its buildings, including the WTC, but Silverstein’s lenders insist on more, eventually demanding $3.55 billion in cover. [American Lawyer, 9/3/2002] After 9/11, Larry Silverstein will claim the attacks on the World Trade Center constituted two separate events, thereby entitling him to a double payout totaling over $7 billion. [Daily Telegraph, 10/9/2001; Guardian, 8/18/2002] Eventually, after several years of legal wrangling, a total of $4.55 billion of insurance money will be paid out for the destruction of the WTC (see May 23, 2007). Most of this appears to go to Silverstein Properties. How much goes to Westfield America Inc. is unclear. [New York Post, 5/24/2007]

Entity Tags: Vornado Realty Trust, Larry Silverstein, Joseph P. Cayre, Lewis M. Eisenberg, Lloyd Goldman, Port Authority of New York and New Jersey, Westfield America, World Trade Center, Silverstein Properties

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

Silverstein Properties, Larry Silverstein’s company which took over the lease of the WTC weeks earlier (see July 24, 2001), has a meeting planned for the morning of 9/11 in it’s temporary offices on the 88th floor of the WTC North Tower, along with Port Authority officials. It is to discuss what to do in the event of a terrorist attack. However, this evening the meeting is canceled because one participant cannot attend. [New York Times, 9/12/2001; Ha'aretz, 11/21/2001] Of Silverstein Properties’ 160 staff, 54 are in the North Tower when it is hit, and four of them die. [Globe and Mail, 9/7/2002]

Entity Tags: Larry Silverstein, Silverstein Properties, Port Authority of New York and New Jersey

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

WTC leaseholder Larry Silverstein is supposed to be working today in the temporary offices of his company, Silverstein Properties, on the 88th floor of the North Tower. However, at his Park Avenue apartment, Silverstein’s wife reportedly “laid down the law: The developer could not cancel an appointment with his dermatologist, even to meet with tenants at his most important property.” [New York Observer, 3/17/2003; New York Magazine, 4/18/2005] He is therefore not at the WTC when it is hit, and first hears of the attacks when an associate calls him from the lobby of one of the WTC buildings. [Real Deal, 1/2004] Two of Silverstein’s children—his son, Roger, and daughter, Lisa—work for his company and have been regularly attending meetings with WTC tenants at Windows on the World (the restaurant at the top of the North Tower). Yet this morning they are running late. According to the New York Observer, “If the attack had happened just a little later, Mr. Silverstein’s children would likely have been trapped at Windows.” [New York Observer, 3/17/2003] Fifty-four of Silverstein Properties’ 160 staff are in the North Tower when it is hit, and four of them die. [Globe and Mail, 9/7/2002] Silverstein signed the lease on the WTC less than two months previously, and later will attempt to get $7 billion in insurance for the destruction of the towers (see July 24, 2001).

Entity Tags: Larry Silverstein

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

At some point during the afternoon of 9/11, WTC leaseholder Larry Silverstein receives a phone call from the Fire Department commander, where they discuss the state of Building 7 of the WTC complex. Silverstein will discuss this call in a PBS documentary broadcast in 2002, saying that he told the commander, “You know, we’ve had such terrible loss of life, maybe the smartest thing to do is pull it. And they made that decision to pull and then we watched the building collapse.” [PBS, 9/10/2002] Some people suggest that by “pull it” Silverstein meant the deliberate demolition of the building. But a spokesman for Silverstein states that he was expressing “his view that the most important thing was to protect the safety of those firefighters, including, if necessary, to have them withdraw from the building.” [US Department of State, 9/16/2005] Yet this claim is contradicted by some accounts, according to which firefighters decided early on not to attempt fighting the fires in WTC 7 (see After 10:28 a.m. September 11, 2001)(see (11:30 a.m.) September 11, 2001). According to Haaretz, “In the afternoon of September 11, the Fire Department informed him that the smaller 7 World Trade Center building, which he owned, was going to collapse.” [Ha'aretz, 11/21/2001] Building 7 eventually collapses at around 5:20 in the afternoon (see (5:20 p.m.) September 11, 2001).

Entity Tags: Larry Silverstein

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

Industrial Risk Insurers agrees to make a full payment under its $861 million policy for the loss of World Trade Center Building 7, a 47-story office building which completely collapsed late in the afternoon of 9/11. [Insurance Journal, 6/7/2002; Wall Street Journal, 7/10/2002; Newsday, 10/21/2003] WTC 7 was owned by Silverstein Properties, which also acquired the lease on the Twin Towers six weeks before 9/11. [International Council of Shopping Centers, 4/27/2001; Port Authority of New York and New Jersey, 7/24/2001] Larry Silverstein, the president of Silverstein Properties, intends to use $489 million of the insurance payment to cover an existing mortgage on WTC 7, and $65 million of it for other debts and costs. The remaining $307 million will go toward the construction costs of the new WTC 7. [Bloomberg, 1/14/2003; New York Daily News, 1/14/2003] He is currently in a dispute with the carriers of his insurance on the Twin Towers, over whether the 9/11 attack constituted one or two separate events, and this will not be settled until mid-2007 (see May 23, 2007). [Wall Street Journal, 9/11/2002; New York Times, 5/23/2007]

Entity Tags: Larry Silverstein, Silverstein Properties, Industrial Risk Insurers, World Trade Center

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

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