New York Times article on WTC memorial design finalists, 2003

NYC 9/11 Public Portal Document

•■W POST FOCUS ON COMMERCIAL REAL ESTATE I 1 Silverstein: n usurers .o s ^^E7'77’7//ciBTs4 I ' V '

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o res for two occurrences, as the on schedule regardless of “When a jury hears that STEVE as//7r) developer wants. the court outcome. Travelers is speaking out But reminded that juries “We currently have $1.3 of both sides of their are unpredictable, Silver­ billion in the bank, paid in mouth, it will view [9/11] ^911 aBij stein said yesterday that a loss to Swiss Re and other by those insurers who want to get off the 9 per­ as multiple events, which New York deserves,” Sil­ si < I REALT' CHECH insurance companies would leave him 35 to 40 percent short of what he’d cent interest clock ticking against them,” he said. “As litigation proceeds, verstein said. “What the jury, 1 believe, will see is that to rebuild I 1 tyy'ORLD Trade Center need to rebuild all of the WTC’s 10 million square there will be a decision that we’re entitled to [pay­ the World Trade Center fully and properly, it will wW leaseholder Larry feet of offices. ment for] at least one oc­ be necessary for the insur­ SUverstein says his court A single-occurrence pay­ currence, or .$.3.5 billion — ance companies to honor battle with insurers won’t out would provide “be­ if we lose, we’ll appeal on their commitment.” delay construction of the tween 60 and 6.5 percent” the balance of the second Reps for the insurers Freedom Tower, the of the total rebuilding cost, event.” could not immediately be IH world’s ta.liest building, to which he estimates to be Asked whether a com­ reached on the holiday. rise at ground zero. “in excess of $6 billion.” promise might be worked Silverstein has vet to < But if he loses, he said Silverstein’s push for the out, Silverstein said the in­ sign any tenants for the yesterday, it will leave him double payout has been surers had shown “abso­ Freedom Tower’s 2.6 mil­ criticized in some quarters lute disdain” for trying to lion square feet of offices. short of funds for about 40 percent of the planned of- for theoretically jeopardiz­ work out an agreement Asked whether it wouldn’t .V 4 fice redevelopment at the WTC site. Silverstein fully expects ing the reconstruction timeline if the case re­ mains bogged down in a since 9/11. Silverstein’s lawyers will argue that Travelers, one be competing with his own new 7 World Trade Cen­ ter, now under construc­ 1 to win a jury trial over federal court. of his insurers, success­ tion, he said; how much his insurers But he guaranteed that fully claimed in a Califor- “No -- 7 World Trade must pay him for the de­ not only will the Freedom nia case that the near-si­ will be completed by the straction of the Twin Tower's cornerstone be multaneous burnings of end of 2005 or early ’06, Towels — $3.5 biBion for laid next August, as Gov. four different courthouses and the Freedom Tower one “occurrence,” as the Pataki insists, but the by a deranged man consti­ won’t be finished until insurers want, or $7 billion whole building will go up tuted “multiple events.” three years later." 1 ■ ■ The collapse of merger talks between music label TALL Developer Larry Silverstein (at center, above) says the Freedom Tower, the worid’s tallest BMG and Time Warner building, will go up on schedule at the site of the Wortd has added a new “moving Trade Center. New York Post: Jim Alcorn part” to Bertelsmann’s planned sale of its head­ ure to find a merger part­ sale, said Cushman & quarters tower at 1540 ner for BMG now means Wakefield investment St’ - Ventures, L.L.C. Broadway. Bertelsmann announced the label might continue to need the building for its sales specialist Cohen, who is not in­ Ron

earlier this year it would headquarters. volved in the offering. n„.easedapord„„„f.he26d.floora, sell the green glass Bertelsmann, which is “Now you must begin by 44-story tower in the heart moving to a new building creating terms of the lease, - of Times Square, home to uptown, had been ex­ which is a nightmare in it­ the Virgin Megastore and pected to move out of 1540 self,” he said. “How does CAKXl.tiii Hai i li'wi k Planet Hollywood. Final bids are due Nov. 1 entirely. Now, although BMG’s space needs “have Bertelsmann want structure it — pay lower to from a field said to include yet to be resolved,” our RY>7 two giant German players, Jamestown and Para­ 'source said, the German media giant plans to keep rent and sell for a lower price, or the other way around?” As J NEW YORK mount; REITS including Chicago-based Equitv Of­ several hundred thousand Cohen roughly valued. 7 . 1 * ' ' 'i square feet of the tower's 1540 Broadway at $500 to 'i&nVtoject fice and New York-based total 1.1 million. $600 a square foot, a wide T ".TTY' S.L. Green; and privately That means it would range _ reflecting its com­ held New York-based L&L have to lea.se the space plexities. ; .*„„M like to .hank Acquisitions. from a new owner — enor­ send e-mail to: Suchard Pugatch of But sources said the fail- mously complicating a scuozzo@nypost. com ■"7 " Sv zVS ■ .uAt^ Realty Organization z. “ --’“istance in this transaction.

Pre-Fit available I Payout for blackout is $75M Insurers will pay an estimated $75 million ance Information Institute. '6^8 SR, for business lost aid property damaged in Insurers have raised premiums, increased k. '■ I the Aug. 14 blackout, the biggest in North deductibles and tightened restrictions after American history, according to the Insur­ a three-year stock market slide and losses Fa ance Services Office Inc., which tracks from the Sept. 11 terrorist attacks led to a K claims. drop of about $170 billion in insurers’ in­ Uh & C The blackout cost businesses from De­ troit to New York an estimated $6 billion, according to The Brattle Group, which ad­ vested capital. Some 61,800 megawatts of power, or

..S' * '-Z’ZI vises public utilities on service interrup­ tion costs. Payouts will be limited because enough for about 49 million homes, were lost in the Waciout, beginning at 4di East­ ern time. i fewer than 10 percent of U.S. businesses buy blackout insurance and those that do The estimated losses from the blackout are less than 3 percent of the $2.9 billion in uwinarkrexom , are restricted by deductibles and condi­ estimated catastrophe losses in the third tions on the lerigth of the power failure, quarter, ISO estimates. Hurricane Isabel, H m,.’5Tu said the Insurance Information Institute which damaged homes from North Caro­ ♦ iM ■halltox ____ I- and Standard & Poor’s. “The economic losses were significant, but the insured losses were nominal,” said lina to New Jersey, will cost an estimated $U7 billion and severe thunderstorms that struck 14 southern and Eastern states in •+ Bob Hartwig, .chief econosast at the lnsurr July will cost $815 HuOion. , . Btoomhety

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