http://www.911closeup.com/"Why would they want to demolish the WTC? It had been losing money for
years. It's the most valuable piece of real estate in the world, but
the buildings themselves were a disaster. Under- tenanted, beset by
asbestos problems, the owner, the NY Port Authority, had received
warnings that it was sittting on a legal and financial timebomb. And
of course, they couldn't be demolished because of all the asbestos
dust that would go into the air of NY.
The NYPA had been trying to sell the buildings for years, and
understandably, nobody was interested. In early 2001, the NYPA went
to court in a test case, and tried to get its insurance company to
pay for asbestos renovations. The case was thrown out. This should
have made the buildings even more unsaleable. However, immediately
after this, Manhattan property developer Larry Silverstein, who sits
on the board of Westfield America, stepped in with a consortium worth
$US3.2 billion for a 99-year lease on the site.
Westfield Australia directly contributed $A840 million for control of
the shopping plaza. Silverstein insured himself for $US3.5 billion
per terrorist attack, and Westfield fully insured itself against
terrorism and loss of rental income. Immediately upon signing the
deal, Westfield announced that it would double the rents, causing
much scratching of heads in financial circles, since the buildings
were already so under-tenanted.
Silverstein, and Peter Lowy from Westfield were handed the keys in a
take-over ceremony on Sept 10, and the very next day, the troublesome
things conveniently disappeared in a terrorist attack - along with
building 7 of the complex - solving the asbestos problem, leaving
Silverstein with a clean building site on the best real estate in the
world, and Westfield with a rental income which would have been
unsustainable in a real trading environment, and no law suits over
all the asbestos dust released into the air of Manhattan.
Silverstein's insurer has agreed to the $3.5 billion pay out, but
Silverstein is claiming that it was two terrorist attacks and wants
$7 billion, which is currently the subject of a court case."