Following Lower Manhattan challenge is the reconstruction
However, hope remains thin, as rescue workers in Lower Manhattan is someone rubble of the World Trade Center alive. Furthermore, hopes, these are difficult issues, however, on what the reconstruction on the ground and how to pay.
Larry Silverstein, president of Silverstein Properties, which recently bought $ 3.2 billion rights lease on the World Trade Center, the Port Authority, involves the construction of a complex of four buildings and a memorial for the victims of the tragedy on the ground. And the mayors of election candidates have started their own opinions on what happens in the twin towers. Some say something bigger and better monitor, to show the city is Unbowed by terrorists.
It will take some time to sort, especially with Silverstein, the city government and insurance companies who already have financial difficulties. Some fear that Gerangel on insurance claims, financing and reconstruction of rights could be a long legal battle. But it is possible to describe the track, as reconstruction efforts could go.
The sources indicate, Silverstein and his partners can claim up to 3 billion dollars in damages from the insurance, even if it depends on whether the two jet-plane crashes, can be considered as separate events. And although insurance companies have said repeatedly in recent days, not to war exclusions for terrorist attacks, insurance experts say many of the estimated 40 billion dollars or more at the end of law covered by reinsurers, maybe not so generous.
“A quantity of applications settled as it is probably dictated by reinsurance companies, especially in Europe,” said Richard Lewis, a member of the port authorities Insurance Industry Group. “With debts of up to 3 billion dollars of the USA, are only few companies will want the game a lot. Regardless of what national insurers say, they are less under the pressure of public opinion public and may try, with the war exclusion “.
In the meantime, about $ 800 million Silverstein insurance money should be Funneling in the group of lenders, GMAC Commercial Mortgage, a unit of General Motors, according to Alan Pomerantz, real estate agent for Weil Gotshal Manges. “Even if the soil is not terminate the tenancy agreement, the fact that the building is abbrannte maturity of the mortgage,” he said.
If Silverstein and his partners are now around $ 3 billion in life insurance, they would have $ 2.2 billion left on reconstruction. Given that the costs for buildings in Manhattan is about $ 300 - $ 400 per square foot, he and his partners could have the money to build a complex of nearly half less than the World Trade Center, in the A total nearly 12 million square feet.
But even $ 2.2 billion, it may be an optimistic estimate. Silverstein and the Port Authority is probably the face of actions undertaken in the surrounding buildings and businesses in the world of commerce, the interface could be more important insurance product.
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