NEW YORK (AP) -- A 40-story office tower damaged in the terrorist attack on the World Trade Center is expected to be demolished as early as next month, a source close to the matter said Friday.
Deutsche Bank has been in prolonged talks with its insurers to determine whether it would be cheaper to renovate or raze its namesake tower, built in 1974 and once valued at $170 million.
Last week, the bank reached a preliminary settlement with the lead insurer, the Chubb Group of Insurance Companies, to allow the building to be taken down, the source told the Associated Press on condition of anonymity, confirming a report that first appeared in The New York Times.
The source stressed that three other insurance companies must still give their consent before demolition can begin. If all goes as planned, though, a crane could arrive at the site in late July, the source said.
Deutsche Bank spokeswoman Rohini Pragasam said the company is continuing to ``work toward a final decision on the fate of the building,'' but did not elaborate. A message left Friday for Chubb spokesman Mark Schussel was not immediately returned.
The buildings is one of only a few damaged during the Sept. 11, 2001, attack that hasn't yet been razed or repaired.
Debris from the trade center collapse left a 24-story gash in the building's facade, and while the building was deemed structurally sound, it became infested with mold caused by moisture from fire sprinklers.
The building, which overlooks the trade center site, has been draped in a black tarp and huge U.S. flag since shortly after the attack.
Deutsche Bank, which is now spread among various midtown locations, expects to move to a new headquarters on Wall Street this fall.
