Silverstein Pushes Two-Planes, Two-Claims Argument

NEW YORK CITY-Larry Silverstein held court at the Waldorf Astoria hotel yesterday as his legal team put the final touches on its answer to reinsurer Swiss Re’s lawsuit seeking to limit the World Trade Center developer’s payout.

Silverstein hit hard and often on his now-ubiquitous two-planes, two-claims argument during a roundtable luncheon on the future of mega-transactions. The discussion was part of New York University Real Estate Institute’s annual real estate investment conference.

“The first thing you have to learn in real estate is to distinguish between one event and two events. That’s fundamental,” Silverstein quipped, referring to his oft-repeated contention that the trade center towers were destroyed in two separate acts. Often flippant in his remarks, the developer also spoke passionately about the need to redevelop the trade center site for the well-being of the city and the nation.