Larry Silverstein

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Rising at Last, Ground Zero Tower Faces New Hurdle

Investors take issue with bond sale; could delay building once again

(Newser) - After seemingly interminable delays, a new World Trade Center tower is finally rising—but now it’s encountering new financial problems. An institutional investor group is holding up the $1.3 billion bond sale that would finance the construction of Tower 4 for fear it could hurt the value of... More »

Merrill Quits Talks to Move to Ground Zero

Financially struggling brokerage backs out of delayed, over-budget project

(Newser) - Years behind schedule and billions of dollars over budget, the project to rebuild Ground Zero took another blow as struggling brokerage Merrill Lynch—projected as an anchor tenant for one of four planned office buildings—ended talks with the Port Authority and developer Larry Silverstein, reports the New York Times. More »

WTC Developer Sues Airlines for 9/11

Silverstein seeks $12.3B on top of insurance payout

(Newser) - The developer of the World Trade Center is suing airlines and airport security companies for $12.3 billion to cover his 9/11 losses, CNN reports. Larry Silverstein signed a 99-year lease on the site just six weeks before the attacks. He holds the defendants responsible for failing to prevent the... More »

Ground Zero Excavation Slow, Pricey

NY Port Authority faces millions in penalties on delays

(Newser) - Ground Zero in New York City is a magnet for patriotism, skepticicm and frustration; underground, it continues to be a very costly challenge. Excavation preparatory to rebuilding is moving so woefully slowly that New York's Port Authority has accrued late fees of $300,000 a day since Jan. 1, with... More »

Trade Center Insurance Settled

After 5 years of squabbling, rebuilding can begin in earnest

(Newser) - The five-year battle over insurance claims for the World Trade Center was resolved this afternoon, reports the New York Times. The seven insurers disputing the claims settled; $4.55 billion will go towards rebuilding ground zero, which will accommodate the Freedom Tower and three large office buildings. More »

5 Stories