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Downtown Progress Encouraging to Insiders

NEW YORK CITY-Despite forward movements, legal issues with developer Larry Silverstein and Deutsche Bank and their insurance companies are complicating issues.

By Melissa Kress | Updated on October 01, 2003

NEW YORK CITY-The city and real estate insiders alike are pleased with the progress of the redevelopment efforts in Lower Manhattan, with not only an agreed upon plan for redevelopment but for transportation as well.

“The progress to date has actually been extraordinary,” commented Daniel Doctoroff, Deputy Mayor for Economic Development and Rebuilding. He addressed the issue of redeveloping Lower Manhattan at the Bank of America Securities’ NYC Office Conference here on Tuesday.

So far the redevelopment process has been complicated by legal issues, according to Doctoroff. First is the relationship between developer Larry Silverstein–who leased the World Trade Center from the Port Authority of New York and New Jersey–and his insurers over the question of whether the terrorist attacks on Sept. 11, 2001 were one occurrence or two. Second is the struggle between Deutsche Bank and its insurance companies over payment for the bank’s office building at 130 Liberty, Doctoroff said.

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