The Twin Towers were white elephants that their owner, the Port Authority of New York and New Jersey, had wanted to demolish for years but could not as the buildings were loaded with asbestos that would have cost millions to remove.
Among other issues, the buildings were not wired for WIFI and the occupancy rate was below 50%. Why on earth would anyone want to lease these antiquated pieces of trash properties?
Why indeed?
In January 2001, Silverstein made a $3.2 billion bid to lease-purchase the World Trade Center complex. Silverstein's negotiated bid was finalized on July 24, 2001, less than 2 months prior to 9/11. The Port Authority agreed to lease the twin towers to Larry Silverstein and he agreed to pay the equivalent of $3.2 billion over the next 99 years. This was the first time in the complex's 31-year history that it had changed management.
The lease agreement applied to One, Two, Four, and Five World Trade Center, and about 425,000 square feet of retail space. Silverstein put up just $14 million of his own money to secure the deal. The agreement gave Silverstein, as leaseholder, the right and the obligation to rebuild the structures if destroyed.
The insurance policies for World Trade Center buildings WTC 1. 2, 4 and 5 had a collective face amount of $3.55 billion and the insurance policy he took out included protection against terrorist attacks.
🔗Vincent Kennedy 🇺🇸 (@RealVincentKennedyVK)
