Silverstein: “Believe in NYC—It Always Bounces Back”

NEW YORK CITY—In the days immediately following 9/11, the general perception of Lower Manhattan was bleak. Death and destruction understandably led many to write off the area for future development.

But Larry Silverstein—who serves as chairman of Silverstein Properties—is different from the masses. An eternal optimist, the developer began championing the idea of redevelopment pretty soon after the terrorist attacks on that horrific day back in 2001, says Janno Lieber, president, World Trade Center Properties division of Silverstein Properties.

“Larry's optimism always was there. He says, 'You have to believe in New York, it always bounces back.”

But others didn't share Silverstein's view, Lieber reveals. “When Mayor Bloomberg said, 'You can't get more than $35 per square foot,' we already were negotiating leases well north of that. The Port Authority said it would take until 2037 to build the World Trade Center. That was frustrating because we were trying to create a better New York and they were talking it down.”

Lieber continues, “Larry suggested that 'Instead of worrying about how we'll get from A to Z, let's get from A to B, B to C, etc.” Now the owner of 2, 3, 4 and 7 WTC, Silverstein ultimately bet right: Downtown had legs.

“Since 2005, 700 firms have moved to Lower Manhattan leasing over 17 million square feet,” Lieber notes. “About 57% of the companies are from the TAMI sector or professional services so it's the new Downtown economy,” he says. “That's grown by leaps and bounds—it's the sign of success.”

NEW YORK CITY—In the days immediately following 9/11, the general perception of Lower Manhattan was bleak. Death and destruction understandably led many to write off the area for future development.

But Larry Silverstein—who serves as chairman of Silverstein Properties—is different from the masses. An eternal optimist, the developer began championing the idea of redevelopment pretty soon after the terrorist attacks on that horrific day back in 2001, says Janno Lieber, president, World Trade Center Properties division of Silverstein Properties.

“Larry's optimism always was there. He says, 'You have to believe in New York, it always bounces back.”

But others didn't share Silverstein's view, Lieber reveals. “When Mayor Bloomberg said, 'You can't get more than $35 per square foot,' we already were negotiating leases well north of that. The Port Authority said it would take until 2037 to build the World Trade Center. That was frustrating because we were trying to create a better New York and they were talking it down.”

Lieber continues, “Larry suggested that 'Instead of worrying about how we'll get from A to Z, let's get from A to B, B to C, etc.” Now the owner of 2, 3, 4 and 7 WTC, Silverstein ultimately bet right: Downtown had legs.

“Since 2005, 700 firms have moved to Lower Manhattan leasing over 17 million square feet,” Lieber notes. “About 57% of the companies are from the TAMI sector or professional services so it's the new Downtown economy,” he says. “That's grown by leaps and bounds—it's the sign of success.”