Larry Silverstein American businessman Date of Birth: 30.05.1931 Country: USA

Biography of Larry Silverstein

Larry Silverstein was an American businessman known for his involvement in the real estate market. He was born on May 30, 1931, in Brooklyn, New York City, into a Jewish family. Growing up, Silverstein developed a love for classical music and learned to play the piano. He graduated from the New York School of Music and Art and later attended New York University.

During his college years, Larry worked at a summer camp where he met his future wife, Clara. They got married in 1956 and have three children: Lisa, Roger, and Sharon. Clara supported the family as a school teacher while Larry studied at Brooklyn Law School.

In 1957, Larry, along with his father Harry Silverstein and his friend Bernard Mendik, opened a real estate company called "Harry G. Silverstein & Sons." They purchased their first home in Manhattan. After Harry's passing in 1966, Larry and Bernard continued to work together until their partnership dissolved in 1977 due to differences in investment strategies.

By 1978, Silverstein owned five buildings on Fifth Avenue and a shopping center in Stamford, Connecticut. In 1983, he sold the "711 Fifth Avenue" building to Coca-Cola for $57.6 million and later repurchased it in 1997 for $11.5 million.

In 1980, Larry acquired a building on Wall Street and initially rented out 20 floors to fund renovation work. By 1997, he signed contracts with 38 tenants, including the National Urban League and the Illuminating Engineering Society of North America.

In the same year, Silverstein won a bid to lease and develop the last remaining undeveloped parcel controlled by the Port Authority of New York and New Jersey. Construction of the 7th building of the World Trade Center (WTC) began in Lower Manhattan. However, in the 1990s, New York experienced the aftermath of the 1978 stock market crash, resulting in increased vacancy rates in the WTC.

In 1995, Governor George Pataki advocated for cost-cutting measures, leading the Port Authority administration to decide on the privatization of the World Trade Center. Since selling the property proved challenging, the Port Authority decided to lease the WTC for 99 years through a competitive bidding process.

In January 2001, Silverstein offered $3.2 billion for the lease, surpassing Vornado Realty's bid by $30 million. He became the tenant and "owner" of WTC on July 25, 2001. The lease covered WTC 1, WTC 2, WTC 4, and WTC 5, along with 39,500 square meters of retail space. Silverstein personally invested $14 million to facilitate the deal.

On September 11, 2001, Silverstein's life was spared when his wife insisted he go to the dentist instead of his usual breakfast meeting at the North Tower of the WTC. All the WTC buildings, from the first to the seventh, were either destroyed or severely damaged in the terrorist attacks. The nominal total insurance coverage for WTC 1, WTC 2, WTC 4, and WTC 5 amounted to $3.55 billion.

After the 9/11 tragedy, Silverstein sought double the insurance payout, around $7.1 billion, arguing that the attacks should be considered as two separate insurance events. The insurance companies disagreed, leading to a legal battle that ultimately ended in Larry's favor.

In addition to his involvement in the World Trade Center, Silverstein also owned several other buildings in New York City, including "1177 Avenue of the Americas," "529 Fifth Avenue," and "570 Seventh Avenue."

Larry was the owner of a large residential complex known as "One River Place," located between 41st and 42nd Street and 11th and 12th Avenue in Manhattan's Clinton neighborhood. This complex includes a 39-story skyscraper that opened in 2001. In the same neighborhood, he completed the construction of the Silver Towers, which became the tallest residential rental buildings (60 stories) in New York City by June 2009.

In November 2006, Silverstein purchased a building at 99 Church Street from Moody Corporation for $170 million. Moody's headquarters relocated to WTC 7 in 2007. The purchased building was demolished to make way for Larry's new project, a 278-meter tower with 68 floors. The plan included a hotel called "Four Seasons" on the lower 22 floors. However, due to lack of financing, the project was not realized.

In 1989, Silverstein advised the Israeli government to establish a free trade zone in the Negev region. Although the advice was not implemented, Larry gained support from leading Israeli politicians.

Larry served as the chairman of the United Jewish Appeal organization in New York, a trustee of the Jewish Heritage Museum, and treasurer of the National Jewish Medical and Research Center in Denver.