Larry Silverstein

Larry A. Silverstein is a real estate investor and operator and the head of Silverstein Properties Inc., a real estate development group.

Related Topics:
Real estate - Silverstein Properties Inc.

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Larry Silverstein, backed by a number of investors, signed a 99-year lease for the World Trade Center complex just seven weeks before the World Trade Center was destroyed in 2001. Silverstein already owned 7 World Trade Center which was also destroyed in the attack. Silverstein was awarded an insurance payment of more than three and a half billion dollars to settle his seven-week-old terrorist insurance policy. In addition, the Silverstein group sued the insurers liable for the World Trade Center for another three and a half billion dollars, claiming that by an obscure clause in their contract, the two planes constituted two separate terrorist attacks. Most of the insurers prevailed in a trial (Silverstein was never granted an additional $2.3 billion in extra insurance money as a result) while others are still in litigation.

Related Topics:
World Trade Center - 2001 - 7 World Trade Center

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Silverstein has insisted on limiting the occupied height of new buildings at the site to around 70 stories, despite having received huge amounts of mail virtually unanimous in urging that the new World Trade Center be no shorter than the old.

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