WTC is rebuilt, but Silverstein and Lowy friendship unraveled

The two men clashed over rebuilding efforts

TRD New York /
Sep.September 12, 2016 08:32 AM

Fifteen years after the attacks, much of the World Trade Center complex has been restored. But in the process, a friendship between two major figures in the rebuilding has unraveled.

Developer Larry Silverstein TRData LogoTINY and Frank Lowy, chairman of the Westfield Corp., who jointly took over the World Trade Center two months before the Sept. 11 terrorist attack, have largely gone their separate ways, the Wall Street Journal reported. The two men say they are cordial to each other, but there are signs of a frayed friendship. Silverstein is no longer on one of Westfield’s companies’ boards, and the two men no longer spend time on each other’s yachts.

The two became friends in the 1980s and 1990s, and they teamed up to buy the Port Authority’s 99-year lease on the World Trade Center complex for $3.2 billion. But following Sept. 11, 2001, the two men clashed over rebuilding efforts. Silverstein wanted to restore the street grid in the area, but the Lowys wanted to rebuild their mall and feared that the grid would cut off the building from the rest of the site.

Though Westfield sold back its lease in 2003, the two men clashed again when the company negotiated to take over the retail space in the Oculus. Westfield eventually cut a deal for 365,000 square feet of retail space in the transit hub. [WSJ]Kathryn Brenzel


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Inside a $1.8B new development odyssey

Inside a $1.8B new development odyssey

Inside a $1.8B new development odyssey
(iStock)

Manhattan home sales hit 30-year low

Manhattan home sales hit 30-year low
The 30-year fixed-rate mortgage averaged 3.07 percent for the week ending July 2 (iStock)

Mortgage rates hit all-time low

Mortgage rates hit all-time low
Funnel's Tyler Christiansen and Caren Maio

Nestio taps new CEO, rebrands as Funnel

Nestio taps new CEO, rebrands as Funnel
Larry Silverstein of Silverstein Properties and George Kaufman of Kaufman Astoria Studios with renderings of the project (Getty, ODA)

Silverstein, Kaufman plan $2B Queens development

Silverstein, Kaufman plan $2B Queens development
arrow_forward_ios

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

Loading...