Larry Silverstein revives the fight to rebuild the World Trade Center

Silverstein played a central role in the reconstruction, suing the site’s insurers to recover about $4.6 billion for redevelopment, building three successful commercial towers on the site, World Trade Center 2, 3 and 7, and helping to plan and build the flagship skyscraper, One World Trade Center.

Silverstein, now 93, wrote “The Rising: The Twenty-Year Battle to Rebuild the World Trade Center.” a 368-page book that details the rollercoaster ride of the site from his perspective – including what he describes as bumbling government, deceitful insurers and unpredictable economic forces. The book will be released on September 10, one day before the 23rd anniversary of 9/11.

Business Insider spoke with Silverstein about the book and his multibillion-dollar real estate business. The interview has been edited for length and clarity.

Did you write this book alone?

I have a ghostwriter named Howard Blum. I dictate the material and he puts it into shape. We’ve had lunch together a thousand times. He’s been in the apartment. He’s been on the boat.

The publisher got hold of it and said: change this, change that. And the result is a much better product than it ever would have been without them. That took about three years.

The reconstruction of the World Trade Center was a long and complicated process. How did you remember all of these details?

It stuck. It really stuck. The experience in the beginning was terrible. There was so much controversy about what should we do? How should we do it? Who should be responsible? People said no one will ever go down there again. It can never be rebuilt. There were so many naysayers.

After September 11, you were a strong advocate for reconstruction. Did you ever secretly have doubts?

I remember talking to Governor Pataki (former New York Governor George Pataki), I think it was a day or two afterward. He called me pretty early in the morning. I said, “Governor, I think we need to rebuild.” That hit me. I said, “You can’t let it go. You can’t let the terrorists win.”

He said, “Should we rebuild the Twin Towers?” I said, “Honestly, I don’t think so.” What comes to mind is that I can imagine four towers, each 2.5 million square feet. That’s 10 million feet.

Have you ever considered this?

NO.

George Pataki is portrayed as bumbling and self-serving. One example, you suggest, was his selection of architect Daniel Libeskind to masterplan the site, even though he technically did not win the competition for the task.

The governor was impressed by Libeskind’s draft. He opposed the wishes and decisions of the committee he had appointed to make the decision.

You wrote that you later threw Libeskind and his wife Nina out of your office because they insisted that he design all the towers there too.

So, I didn’t throw them away.

I said, “Nina, if you had to have brain surgery, would you go to someone who learned how to do it in an afternoon, or would you go to someone who has been doing it his whole life?” I said, “Your husband has never built skyscrapers in his life. He has built low buildings. That doesn’t suggest he has the skills to build a tall skyscraper.” She said, “He can learn everything he needs to know about skyscrapers in an afternoon.”

At that point I said, “Well, thank you very much. I appreciate your point of view. This meeting is over. Good luck.” (Libeskind sued Silverstein in 2004 for about $845,000 in fees related to his design work on One World Trade Center. The case was settled three months later.)

It sounds like you threw them away.

I didn’t get angry or show my frustration.

In fairness, Dan went on to design a whole series of buildings, skyscrapers of all kinds, and in my opinion developed considerable artistic skill.

You describe a moment when you asked Governor Pataki for help in collecting the billions of dollars owed to you locally by insurers, but he essentially refused.

He said, “Larry, I can’t do this for you.” I was stunned. Absolutely stunned. I said, “You always said this is your legacy, just like it is mine.” I said, “Are you serious?” I was stunned.

What did you attribute this to at the time?

Is it possible that he is thinking about higher office, public office at the national level? Is it possible that he thinks these insurance companies will support him?

You had no kind words for Steve Roth, another prominent New York real estate developer. You recalled helping him with his bid for the WTC site by putting him in touch with one of your financial partners. After he canceled the deal and you were chosen, you later asked him for help, but he essentially turned you down.

I said, “But Steve, I gave you my funding voluntarily.” He said, “Well, you’re just a much more generous guy than I am. Steve is a brilliant guy. He’s done extraordinary things.”

Did you remain friends after that or was the relationship rather frosty?

Oh, sure. It took me about three minutes. Maybe five minutes.

Do you get to know people’s true faces in these negotiation situations?

Usually, a person’s true nature comes out when he is under pressure.

You admit to being a control freak. How did you cope with all the cooks in the kitchen during the renovation?

Achieving that became a personal challenge. Especially because the insurers told me I would never make it. You’re wasting your time. Get lost. I remember looking at them and saying, I’m a New Yorker. You expect me to just run away? I mean, this is my life.

If 9/11 had never happened and the Twin Towers were still standing, do you think they would still be successful today?

There were floors of 3710 square meters. They were practically column-free. The views were spectacular. So the basic amenities were there. But there was a downside. You had to take two elevators to get to your floor. Most tenants today prefer to take one elevator directly to their floor. Everyone is always in a hurry. Then again, we never had the chance to find out.

Your daughter Lisa is now the managing director of your real estate company. How did your other two children, who are also in the business, feel about that?

She had excellent instincts, understood the business and it was clear to me that she was the logical successor for me. I sat down with her older sister and brother and they understood exactly what I wanted to achieve in terms of succession. And they were both completely on board with it and it just couldn’t have worked better or more smoothly.

To what extent are you now involved in the business?

I’m still involved with Tower Two and Tower Five and other new projects. It’s my life. I’ve been doing this for, I don’t know, 65, 70 years.

What do you attribute your success to: innate talent or hard work?

I was an extraordinarily lucky person. A huge amount of luck. Looking back, I can say that all of that came about through hard work. I found that the harder I worked, the luckier I was, and that’s how it’s been my whole life.

How close are you to building Tower 2?

All I can say is: stay tuned, because hopefully there will be developments.

You cite so many examples of how difficult it was for the government to carry out the restructuring.

I invited the Port Authority people to attend our construction meetings every week so they could get an idea of ​​what we were doing.

They came to every construction meeting. And at five o’clock I saw them suddenly start packing up. And I said, “Where are you going?” And they said, “What? It’s five o’clock.”

I looked at them and wondered how they could leave. There is still so much to do. We are still so focused. It would drive me crazy.

Have you ever felt like you made a mistake with the renovation?

Maybe I should have, but I didn’t because I felt like I had made a commitment.