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Silverstein Calls Mayor's Remarks 'Confusing'

NEW YORK CITY-Larry Silverstein says he finds the mayor's remarks questioning the need for 10 million sf of office space at the World Trade Center "confusing."

By Barbara Jarvie | Updated on October 24, 2005

NEW YORK CITY-Developer Larry Silverstein says he finds remarks made over the weekend by Mayor Michael Bloomberg regarding the World Trade Center site “confusing.” In various campaign activities, the mayor questioned the necessity of having 10 million sf of office space on the site. With added residential in Lower Manhattan, the mayor says there’s a pressing need for educational offerings, among others.

Silverstein holds a ground lease with the Port Authority of New York and New Jersey on the WTC site. The trade center is not zoned for residential uses and various legislation in New York and New Jersey would need to be enacted for any changes to be made. Silverstein estimates he spends $300,000 a day on the ground lease.

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