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The biggest decision we had to make was to clear the area and create a collapse zone around the severely damaged [WTC 7] building. A number of fire officers and companies assessed the damage to the building. The appraisals indicated that the building’s integrity was in serious doubt. [Fire Engineering magazine, 10/2002]
Silverstein had an existing $489.4 million mortgage, along with a $700 million tab for a new building. That leaves him with NEGATIVE $328.
“New York, NY October 17, 2000: Blackstone Real Estate Advisors, the global real estate investment and management arm of The Blackstone Group, L.P., announced today that it has purchased, from Teachers Insurance and Annuity Association, the participating mortgage secured by 7 World Trade Center, a commercial office complex controlled by real estate developer Larry Silverstein”
“But before the building can rise further than the substation, major financing issues have to be resolved by Larry Silverstein, who controls the long-term lease on 7 World Trade Center as well as the World Trade Center complex. The good news for Mr. Silverstein is that the company that insured 7 World Trade, Industrial Risk Insurers, has indicated that it will make a full payment under its $861 million policy. But it's not clear whether Mr. Silverstein can use those proceeds to start building without first reaching an agreement with the mortgage holder on 7 World Trade Center, Blackstone Real Estate Advisors.”
Kissinger McLarty Associates has a “strategic alliance” with the Blackstone Group. The Blackstone Group describes their relationship thus:
“Blackstone's alliance with Kissinger McLarty Associates is designed to help provide financial advisory services to corporations seeking high-level strategic advice. The relationship was announced in 2000 and recently completed its first strategic advisory assignment on behalf of a NYSE-listed company.”