|Net Worth:||$4 Billion|
|Date of Birth:||May 30, 1931 (92 years old)|
|Profession:||Businessperson, Real estate development, Real Estate Broker|
|Nationality:||United States of America|
What is Larry Silverstein’s Net Worth?
Larry Silverstein is an American businessman who has a net worth of $4 billion. On July 24, 2001, Larry Silverstein bought the World Trade Center, a month and a half before the 9/11 terrorist attacks entirely destroyed the structure.
This is the project for which Larry Silverstein is best known. Technically, just six weeks earlier, Larry had spent $3.2 billion to lease the building for 99 years. In the event that the buildings were destroyed, he was both entitled to and required by the conditions of his lease to rebuild.
He then rebuilt the complex on the former site as a collection of buildings and a memorial, spending $25 billion in the process.
Larry Silverstein was born on May 30, 1931, in Brooklyn, New York to a Jewish family. He enjoyed classical music as a child and played the piano. After completing his study at the High School of Music and Art, Silverstein went on to earn his degree from New York University in 1952. Later, he went to Brooklyn Law School for classes.
Due to the influence of both his brother-in-law Bernard Mendik and his father Harry, Silverstein entered the real estate industry. In 1957, he founded the real estate company Silverstein Properties.
The corporation has constructed, acquired, and managed more than 40 million square feet of real estate. The Americas Tower, the Equitable Building, 30 Park Place, and 120 Wall Street are just a few of the notable structures in Silverstein’s portfolio. Later, in 2000, the Port Authority listed the original World Trade Center complex for leasing.
However, Vornado’s plan fell through, and Silverstein was able to work out a new offer, which he decided to accept in July 2001. Silverstein’s responsibility was to reconstruct the World Trade Center structures if they were demolished as the leaseholder.
On the morning of September 11, 2001, top official Larry Silverstein was at a doctor’s appointment. Silverstein often spent his mornings in breakfast meetings atop the World Trade Center North Tower.
Over the level of coverage for reconstructing some of the structures, an extended battle with insurers developed. Particularly, it was disputed as to whether the attacks qualified as one event or two incidents for the purposes of the insurance contract.
A 2007 settlement that established a maximum of $4.55 billion as payable was reached after several years of ongoing battles. Three of the new World Trade Center buildings—150 Greenwich Street, 175 Greenwich Street, and 200 Greenwich Street—are still up for construction thanks to Silverstein’s agreement.
While this is happening, the Port Authority would be the owner of One World Trade Center. The first rebuilt building in the new World Trade Center complex was 7 World Trade Center, which reopened in 2006 and was fully leased in 2011.
A year later, in 2013, 4 World Trade Center reopened. The subsequent year, One World Trade Center, and in 2018, Three World Trade Centers, respectively, debuted. A significant apartment complex that spans the full block between 11th and 12th Avenue and between 41st and 42nd Street was among Silverstein’s other real estate endeavors.
It is located in Manhattan’s Hell’s Kitchen area. One River Place and the 60-story Silver Towers are two well-known structures in that region. One West End, a 42-story condominium complex, opened its doors in 2017 at the new Riverside Center in Manhattan, which Silverstein assisted in creating.
When he was a college student working at a summer camp, Silverstein met Klara, the woman he would later wed. Roger, Lisa, and Sharon are the names of the couple’s three kids. On the 80th floor of his 30 Park Place structure, Silverstein has a $34 million penthouse as his residence.
On the charitable front, Silverstein established the Real Estate Institute at his alma mater NYU and a scholarship fund for the university’s medical school. Additionally, he was a trustee for the Museum of Jewish Heritage and served as chairman of the Realty Foundation and United Jewish Appeal.
The Klara and Larry Silverstein Student Success Center were made possible by Silverstein’s $5 million gift to his wife’s college alma mater, Hunter College, in 2012.
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