DEP Press Advisory on Deer Hunting Cancellation, October 2, 2001

NYC 9/11 Public Portal Document

A NATION CHALLENGED: The Aftermath in New York Brothers, to lease the space, but lost profit when he had to refit the space to accommodate the new tenants. THE REAL ESTATE ' / By 1998, he was buying major buildings again, and also preparing his move on the World Trade Center. Leaseholder for Center He seems anxious to soothe the sensi­ tivities of the Port Authority, which lost dozens of employees, including Pledges He Will Rebuild its executive director, Neil Levin. “In no way is this a unilateral act,” he said, saying he would seek cooper­ Continued From Page Bl ward off memories like bats. In­ ation of all agencies and authorities stead, he focused on the few bright involved. spots, speaking, for example, of Mr. Silverstein said that he was Manhattan is far too vast and com- watching rescuers go down into the entitled to $3.6 billion in insurance to □iex for any one developer: “Given tunnels below the twin towers and 7 cover the losses in each terrorist good health and cooperation from the World Trade Center, which he built attack, and that since there were federal and city government, the and which was also destroyed. “They two, he was counting on $7.2 billion. governors of New Jersey, New York, were taking one hell of a risk, if you’ll He acknowledged that the insurance the Port Authority, we’re going to excuse my language,” he said. “It is companies disagreed with his theory. rebuild this thing.” so staggering to see how Americans but added, “they are showing every Observing him as he lays the will help each other in a time of sign of acting like statesmen.” groundwork for what he described as crisis.” P.J. Crowley, vice president of the a patriotic mission is a little like The developer first heard about Insurance Information Institute, an staring at an Escher print; in one the news when his associate, Geof­ industry education group, said: “The blink, his persona is suffused in opti­ frey P. Wharton, called him on his issues are extraordinarily complex mism, in another, shrewdness domi­ cellphone from the site, saying in this unprecedented event. This is a nates. Some in government, troubled “something really bad is happen­ matter that will take months, if not by his haste, see mainly the latter. ing.” Mr. Wharton had just reached years, to work through.” “it is still early to talk about this in the lobby from a breakfast meeting Mr. Silverstein prefers to cast the terms of real estate,” one city offi­ catastrophe as a low moment in a cial, said. “Larry needs to be careful at Windows on the World when the ; plane hit the tower. Badly shaken, continuous cycle. “I’ve been through —not-to slide from civic pride te crass louglrtimes4n“the-L966^SraBd-in-the— personal interests.” Mr. Wharton rode a squad car back ' to the company’s headquarters on ' 7O’s and the 199O’s, and here we are Mr. Silverstein has attended me­ in 2001,” he said. “We can gei morial services and fund-raisers, Fifth Avenue and 43rd Street, reach- j and.he has also met with his lawyers, ing it in time to watch on television j through this too.” advisers and government officials. alongside the proud new leaseholder Last week, he hired the prominent as the two towers collapsed. architect David Childs of Skidmore, “He was shocked, like everybody, : Owings & Merrill. New York officials but this was so personal, it just [ went to Washington to meet with the knocked the wind out of him,” said ! New York congressional delegation Lisa Silverstein, the developer’s । daughter and a vice president in the ! company. ' She said that he rallied quickly, but ■ Making plans, that something had changed. “This took a toll mentally and physically,” hiring architects she said. “He is still off-kilter. He usually bounces through the door like and counting on Tigger, then whoosh. And it was gone.” insurance. Born in Washington Heights, Mr. Silverstein learned the real estate business working for his father Har­ to press for more federal aid. So did ry, a smalltime broker, while attend­ Mr.’ Silverstein, in meetings yester­ ing Brooklyn Law School at night. He day with Representative Charles B. started his own business in the Rangel and others. Mr. Silverstein 195O’s, and rose to prominence and sought federal guarantees for con­ real wealth in the early 8O’s, buying a struction loans and protection from yacht, chairing the real estate board, lawsuits brought by the victims or and creating the real estate institute their families, according to a govern­ at N.Y.U. ment aide who attended the meeting. In 1981, his optimism reached a Mr. Silverstein, who resembles a peak: he began building 7 World thin' Arthur Godfrey, has a bouncy, Trade Center before signing up a avuncular manner in person that single tenant. The much-celebrated barely slows when he talks about the agreement by Drexel Bumham ' attack. He lost four employees and Lambert Inc. to rent space in the many friends and colleagues, and he tower fell apart at the last minute steers the conversation away from when the Ivan Boesky scandal erupt­ death, lifting his arm at one point to ed. Mr. Silverstein eventually found another brokerage firm, Salomon

NYC-WTC_000152482