Larry A. Silverstein (born May 30, 1931) is an American businessman, and real estate investor and developer in New York City.
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, Silverstein won a bid from the Port Authority of New York and New Jersey to construct 7 World Trade Center, to the north of the World Trade Center site. Silverstein was interested in acquiring the entire World Trade Center complex, and put in a bid when the Port Authority put it up for lease in 2000. Silverstein 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, Silverstein declared his intent to rebuild, though ran into multi-year disputes with his insurers over whether the attacks constituted one or two occurrences. A settlement was reached in 2007, with insurers agreeing to pay out $4.55 billion,which was not as much as Silverstein sought but was still $1.3 billion more than the original $3.2 billion 99-year lease .The insurance for WTC complex was only 7 weeks before the towers came down because of 9/11. Silverstein 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") will be owned by the Port Authority, as well as Tower Five, which may be leased out to another private developer and redesigned as a residential building.
Other articles related to "larry silverstein, silverstein":
... Larry Silverstein of Silverstein Properties, the leaseholder and developer of the complex, retains control of the surrounding buildings, while the Port Authority has full control of ... Silverstein signed a 99-year lease for the World Trade Center site in July 2001, and remains actively involved in most aspects of the site's redevelopment process ...
... Silverstein has been involved in his alma mater, as founder and chairman emeritus of New York University's Real Estate Institute, and as a trustee of the New York University Medical Center and Health System ... Silverstein also has served as chairman of the United Jewish Appeal in New York, the Realty Foundation, trustee of the Museum of Jewish Heritage, and treasurer of the National Jewish Medical and Research ... Silverstein is also a governor of The Real Estate Board of New York ...
Famous quotes containing the word larry:
“Class isnt something you buy. Look at you. You have a $500 suit on and youre still a lowlife.”
—Roger Spottiswoode, U.S. screenwriter, Walter Hill, and Larry Gross. Jack Cates (Nick Nolte)