Deutsche Bank building insurers to cough up another $38M

TRD New York /
Feb.February 25, 2010 10:05 AM

The toxic former Deutsche Bank building at 130 Liberty Street is now slated to be demolished by Jan. 19, 2011, sources told the Daily News, and taxpayers are getting an additional $38 million windfall for the long-delayed project. The Lower Manhattan Development Corp. is expected to announce a settlement with insurers today that will bring the total sum of recovered losses to $102 million. The building, which had been 40 stories tall when it was damaged beyond repair in the terrorist attacks of Sept. 11, 2001, cost the LMDC $90 million to purchase in 2004 and demolition, originally scheduled for completed by 2005, has already cost $292 million. Aside from its many delays, the project has been plagued by safety concerns, missed inspections, and the deaths of two firefighters in an August 2007 fire. The additional $38 million from Paris’ AXA Corporate Solutions and Munich’s Allianz Global Risks U.S. Insurance Company will go toward funding the rest of the decontamination and demolition efforts. [NYDN]

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