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Profile: Larry Silverstein

 
  

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Larry Silverstein actively participated in the following events:

 
  

July 24, 2001: World Trade Center Ownership Changes Hands For the First Time      Complete 911 Timeline

      
Larry Silverstein.
Private businessman Larry Silverstein's $3.2 billion purchase of the World Trade Center is finalized, giving him de facto ownership with a 99-year lease of the building. [Ireizine, 7/26/01] It is the only time the WTC has ever changed hands. It was previously owned by the New York Port Authority, a bi-state government agency. [ICSC, 4/27/01] After 9/11, Silverstein attempts to get $7 billion in insurance for the 9/11 destruction of the WTC towers. [Guardian, 10/24/01] In late 2004, he will be tentatively awarded $2.2 billion, double what insurance companies offered to pay him. [UPI, 12/6/04] A judge also makes a ruling that keeps open the possibility he could eventually receive as much as $6.4 billion. [Associated Press, 12/7/04]
People and organizations involved: New York Port Authority, Larry Silverstein, World Trade Center
          

(5:20 p.m.): WTC Building 7 Collapses; Cause Remains Unclear      Complete 911 Timeline

      
World Trade Center Building 7 collapses down into its footprint.
Building 7 of the WTC complex, a 47-story tower, collapses. No one is killed. [CNN, 9/12/01; Washington Post, 9/12/01; Associated Press, 8/19/02 (B); MSNBC, 9/22/01] Many questions will arise over the cause of this collapse in the coming weeks and months. Building 7, which was not hit by an airplane, is the first modern, steel-reinforced high-rise to collapse because of fire. [New York Times, 3/2/02; Stanford Report, 12/3/01; Chicago Tribune, 11/29/01] Some later suggest that the diesel fuel stored in several tanks on the premises may have contributed to the building's collapse. The building contained a 6,000-gallon tank between its first and second floors and another four tanks, holding as much as 36,000 gallons, below ground level. There were also three smaller tanks on higher floors. [FEMA study, 5/1/02; New York Observer, 3/25/02; Chicago Tribune, 11/29/01; New York Times, 3/2/02] However, the cause of the collapse is uncertain. A 2002 government report concludes: “The specifics of the fires in WTC 7 and how they caused the building to collapse remain unknown at this time. Although the total diesel fuel on the premises contained massive potential energy, the best hypothesis has only a low probability of occurrence.” [FEMA study, 5/1/02] Some reports indicate that the building may have been deliberately destroyed. Shortly after the collapse, CBS News anchor Dan Rather comments that the collapse is “reminiscent of ... when a building was deliberately destroyed by well-placed dynamite to knock it down.” [CBS News, 9/11/01] In a PBS documentary broadcast in 2002, the World Trade Center's leaseholder Larry Silverstein talks about a phone call from the Fire Department commander he had on 9/11. Silverstein recalls saying to the commander about the building: “You know, we've had such terrible loss of life, maybe the smartest thing to do is pull it. And they made that decision to pull and then we watched the building collapse.” [PBS, 9/10/02] It is unclear what Silverstein meant by the phrase “decision to pull.”
People and organizations involved: World Trade Center, Dan Rather, Larry Silverstein
          

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