Larry Silverstein

Lawrence Abraham Silverstein, born on May 30, 1931, is an American businessman who became very wealthy through his work in real estate. He is best known for rebuilding the World Trade Center complex in Lower Manhattan, New York City, after it was damaged in tragic events. Among his many projects, he also developed one of New York's tallest homes at 30 Park Place, where he lives. As of December 2024, his wealth was estimated to be around US$1 billion, according to Forbes.

Silverstein grew up in Brooklyn and joined his father’s real estate business, later forming Silverstein Properties. He worked with a partner, Bernard Mendik, until 1977 when they went their separate ways. After that, he bought many big office buildings in Midtown and Lower Manhattan. In 1980, he won a contract from the Port Authority of New York and New Jersey to build 7 World Trade Center on Vesey Street, near the main World Trade Center site.

After the September 11 attacks in 2001, Silverstein decided to rebuild the area. However, there were long debates with insurance companies about how much money he should receive for the damage. Finally, in 2007, they agreed to pay him $4.55 billion. Silverstein also worked with the Port Authority to plan new buildings, including three office towers at 150 Greenwich Street, 175 Greenwich Street, and 200 Greenwich Street, while the Port Authority took control of One World Trade Center, also known as the “Freedom Tower.”

Early life and education

Lawrence Abraham Silverstein was born in Bedford–Stuyvesant, Brooklyn in 1931 into a Jewish family. He loved classical music and played the piano. He went to the High School of Music and Art and later to New York University, where he finished his studies in 1952.

While in college, he worked at a summer camp and met Klara, who later became his wife. They got married in 1956 and had three children named Lisa, Roger, and Sharon. Klara worked as a school teacher to help support the family while Silverstein went to Brooklyn Law School.

Silverstein started working in real estate with his father, Harry G. Silverstein, and later with his friend and brother-in-law, Bernard H. Mendik. In 1957, they started Silverstein Properties and bought their first building in Manhattan. After Harry G. Silverstein passed away in 1966, Mendik and Silverstein kept running the business together until they disagreed on their plans in 1977.

Career

Silverstein worked in real estate for many years. By 1978, he owned several buildings on Fifth Avenue and other properties in Stamford, Connecticut. He bought and renovated more buildings over time, including 11 West 42nd Street and the Equitable Building.

In 1980, Silverstein bought a building at 120 Wall Street. He later set aside space for non-profit groups to use. In 1980, he also won the chance to develop the last empty space at the Port Authority of New York and New Jersey, building 7 World Trade Center.

World Trade Center

Main article: World Trade Center (1973–2001)

During the 1990s, New York faced hard times after the 1987 stock market crash. This made it tough to fill space at the World Trade Center. In 2001, Silverstein won the right to lease and develop the World Trade Center buildings. He paid $3.22 billion to lease One, Two, Four, and Five World Trade Center, plus some shopping space.

September 11 attacks

Main article: September 11 attacks

On September 11, 2001, all the World Trade Center buildings were destroyed. After long talks with insurance companies about how much money was owed for rebuilding, Silverstein finally got $4.55 billion in 2007.

Insurance dispute

The insurance for the World Trade Center buildings was for $3.55 billion total. After the attacks, Silverstein wanted to collect double that amount because two planes hit two different buildings. The courts had to decide whether this counted as one event or two. After several trials, the final amount paid was about $4.577 billion.

Rebuilding

As the leaseholder, Silverstein had the right to rebuild the World Trade Center buildings. After the attacks, Congress approved $8 billion in special bonds to help rebuild. In 2006, rebuilding finally began. The first new building, 7 World Trade Center, opened in 2006. One World Trade Center opened in 2014, followed by others over the next few years. In 2024, Silverstein wrote a book about his experiences rebuilding the World Trade Center.

Other projects

Silverstein developed many buildings in New York City, including 1177 Avenue of the Americas and 529 Fifth Avenue. He also built residential buildings, like the tall Silver Towers in Hell's Kitchen. In 2016, he finished 30 Park Place, a very tall apartment building downtown. He also helped build the Ronald Reagan Building in Washington, D.C. and bought a big office building in downtown Los Angeles in 2020.

Philanthropy

Larry Silverstein has helped many important places. He started and led the Real Estate Institute at New York University. He also helped the New York University Medical Center and other health groups.

In 2012, he gave $5 million to Hunter College for a student center named after his wife, Klara. That same year, he and Klara gave $5.25 million to New York University’s School of Medicine to help students pay for school. In 2017, he spoke to students graduating from the medical school.