Larry Silverstein

Larry Silverstein
Larry Silverstein appearing for the UJA-Federation of New York in 2014
Born (1931-05-30) May 30, 1931 (age 93)
New York City, U.S.
Alma materNew York University
OccupationOwner of Silverstein Properties
Spouse
Klara
​
(m. 1956)​
Children3

Larry A. Silverstein (born May 30, 1931) is an American businessman.[1] Among his real estate projects, he is the developer of the rebuilt World Trade Center complex in Lower Manhattan, New York City, as well as one of New York's tallest residential towers at 30 Park Place, where he owns a home.[2]

Silverstein was born in Brooklyn, and became involved in real estate, together with his father, establishing Silverstein Properties. Silverstein separated from his business partner, Bernard Mendik, in 1977, and bought a number of large office buildings in Midtown and Lower Manhattan in the late 1970s. In 1980, he won a bid from the Port Authority of New York and New Jersey to construct 7 World Trade Center on Vesey Street, just north of the main World Trade Center site. He was interested in acquiring the original World Trade Center complex, and put in a bid when the Port Authority put it up for lease in 2000. He won the bid when a deal between the initial winner and the Port Authority fell through, and he signed the lease on July 24, 2001.

Soon after the September 11 attacks, in 2001, Silverstein declared his intent to rebuild, though he and his insurers became embroiled in a multi-year dispute over whether the attacks had constituted one event or two under the terms of the insurance policy, which provided for a maximum of $3.55 billion coverage per event.[3] A settlement was reached in 2007, with insurers agreeing to pay out $4.55 billion,[4][5] which was not as much as Silverstein had sought. He also ran into multiple disputes with other parties in the rebuilding effort, including with the Port Authority. In an agreement reached in April 2006, Silverstein retained rights to build three office towers (150 Greenwich Street, 175 Greenwich Street, and 200 Greenwich Street), while One World Trade Center (previously referred to as the "Freedom Tower") would be owned by the Port Authority, as would Tower Five, which it would have the option of leasing to a different private developer and having redesigned as a residential building.[6]

  1. ^ "Larry A. Silverstein". Bloomberg Businessweek. Archived from the original on July 28, 2013. Retrieved April 23, 2013.
  2. ^ Keith Flamer (May 31, 2018), "30 Park Place Unveils Penthouse 82, New York City's Tallest Sky Perch", Forbes
  3. ^ Ackman, Dan (July 23, 2003). "Larry Silverstein's $3.5B Definition". Forbes.
  4. ^ Brown, Eliot (March 10, 2009). "Refi in FiHi! Silverstein, Port Talk WTC Dates, Funds". The New York Observer. Retrieved March 11, 2009
  5. ^ Van Voris, Bob (September 19, 2013). "World Trade Center Developer Silverstein's Suit Dismissed". Bloomberg News. Retrieved May 27, 2020.
  6. ^ Gelinas, Nicole (Autumn 2006). "Freeing us from Freedom Tower". City Journal.