Airlines may have to pay Silverstein $3.5B for WTC after all

Second Circuit reverses previous action limiting possible compensation to $2.8B

New York /
Sep.September 18, 2015 10:39 AM

The 14th anniversary of Sept. 11 is just behind us, but much still lies ahead in Larry Silverstein’s legal fight for compensation.

A three-judge Second Circuit Court panel reversed a previous judgement that would have limited Silverstein’s possible reward to $2.8 billion, rather than the $3.5 billion he sought in his action against U.S. Airways.

The panel ruled that a lower court had miscalculated the decline in the World Trade Center’s value, and had used the wrong interest rate, the federal funds rate rather than the state rate. The court also refused to revive Silverstein’s claims against United Airlines, which co-operated the security checkpoint through which the 9/11 terrorists passed, Courthouse News reported.

Silverstein purchased the leases on the World Trade Center just six weeks before the attacks. He’s already received $4.6 billion in compensation from insurance companies, back in 2007.

Last week, The Real Deal looked at the extent to which the Financial District has recovered from the disaster. [Courthouse News]Ariel Stulberg


Related Articles

arrow_forward_ios
From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
Council approves Silverstein, BedRock’s $2B Innovation QNS
Council approves Silverstein, BedRock’s $2B Innovation QNS
Mayor Eric Adams and Governor Kathy Hochul with Innovation QNS (Getty, Innovation QNS)
Will Innovation QNS happen without 421a?
Will Innovation QNS happen without 421a?
Silverstein Properties' Marty Burger, City Council Speaker Adrienne Adams, BedRock Real Estate's Tracey Appelbaum, City Council member Julie Won and Mayor Eric Adams with rendering of Innovation QNS (Silverstein Properties, Getty, New York City Council, Innovation QNS)
5 lessons from Silverstein’s Astoria deal
5 lessons from Silverstein’s Astoria deal
From left: BedRock’s Chuck Berman and Tracey Appelbaum, Kaufman Astoria Studios' Hal Rosenbluth, and Larry Silverstein with Innovation QNS
Silverstein, Council strike deal on Queens megaproject
Silverstein, Council strike deal on Queens megaproject
Silverstein Properties' Larry Silverstein, BedRock Real Estate Partners’ Tracey Appelbaum, City Council member Julie Won and a rendering of Innovation QNS (Getty, Innovation QNS, BedRock, NY City Council)
New twist in $2B drama between Silverstein, City Council
New twist in $2B drama between Silverstein, City Council
9/11 Tribute Museum co-founder Jennifer Adams-Webb and 92 Greenwich Street (Getty Images, 9/11 Tribute Museum)
Lower Manhattan’s 9/11 Tribute Museum shuts doors
Lower Manhattan’s 9/11 Tribute Museum shuts doors
Larry Silverstein in front of 7 World Trade Center (Getty Images, Francis Dzikowski, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Silverstein refis 7 World Trade with $458M in green bonds
Silverstein refis 7 World Trade with $458M in green bonds
Extell’s Gary Barnett with 77 West 66th Street (Extell, iStock, Pocketsights, Illustration by Shea Monahan for the Real Deal)
Barnett lands $900M for Disney UWS campus
Barnett lands $900M for Disney UWS campus
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...