Larry Silverstein Net Worth & Biography
|Popular Name:||Larry Silverstein|
|Real Name:||Larry A. Silverstein|
|Birth Date:||May 30, 1931|
|Birth Place:||Brooklyn, New York City, New York, United States|
|Profession:||Businessman, Entrepreneur, Investor, Real Estate Developer|
|Net Worth:||$4 Billion|
Mr. Larry Silverstein is the Chairman of Silverstein Properties, Inc., a real estate development and investment firm that is based in Manhattan, New York. This company prides itself as a real estate business that has developed, owned, and managed forty million square feet of office, hotel, retail and residential properties. As it stands, the firm has $10 billion worth of development activity going on and has been recognized by Crain’s New York Business for eight straight years as one of the “Best Places to Work in New York City”.
A graduate of New York University, Larry Silverstein served as Vice Chairman of the Board of Trustees at New York University, where he still serves as a member of the Board of Trustees at the Langone Medical Center of New York University. He is the founder of the advisory board of the New York University Real Estate Institute. He is also a Professor of Real Estate and is a member of the New York Bar. Furthermore, he previously served as the chairman of the Real Estate Board of New York, and now serves as the Governor of the organization. He has also led the Realty Foundation of New York as its chairman.
Early Life: Childhood, Education
Larry A. Silverstein was born in Bedford-Stuyvesant, Brooklyn, New York, United States, on the 30th of May 1931.
He studied at the High School of Music and Art in New York. He later attended and graduated from New York University
Professional Life: Business Career
Silverstein worked at a summer camp during college. Five years after his graduation, he teamed up with his father and brother-in-law and opened Silverstein Properties, as “Harry G. Silverstein & Sons”, and purchased their first building in Manhattan.
After going out on his own, he bought more real estate in Lower and Midtown Manhattan. In 1983, he sold a building to Coca-Cola for $57.6 million, pocketing a profit of over $46 million. His buildings housed tenants like the Illuminating Engineering Society of North America and the National Urban League.
Silverstein is a reputed businessman known by many for his business acumen. In July 2001, he completed the largest real estate deal in New York when he signed a 99-year lease on the World Trade Center for $3.25 billion, only for it to be totally destroyed six weeks later in terrorist attacks on September 11, 2001. He has spent the last two decades rebuilding the office component of the site of the World Trade Center, a project estimated at $30 billion and is expected to consume the balance of his working life. Silverstein Properties has completed and opened a Four Seasons hotel in addition to private residences in Lower Manhattan which is one of the tallest residential towers in New York, at 82-stories. The company has also completed and opened the world’s largest Four Seasons resort at the Walt Disney World Resort in Florida. This businessman also owns and manages many high-profile and successful residential and commercial properties in New York City, including a 40-story, 921-unit tower which opened in 2000, the companion to 1River Place, two 60-story residential towers at 600 West 42 Street, Silver Towers, 1177 Avenue of the Americas, 529 Fifth Avenue, 120 Wall Street, and 120 Broadway.
Personal Life: Wife, Children, Charity Works, Private Interests
Larry Silverstein donates his time and efforts to support many philanthropic endeavors. He has served as Chairman of the Board of UJA-Federation. Likewise, he is a founding trustee of the Museum of Jewish Heritage in New York City and has equally served as treasurer of National Jewish Health in Denver. This successful real estate developer contributes his resources to organizations that are dedicated to medical research and higher education, meeting humanitarian needs, and promoting the arts. At this time, Mr. Silverstein is a board member of the New York Philharmonic. He is a dedicated New Yorker, a classical music enthusiast, and a passionate yachtsman.
He has been married to his wife Klara Silverstein for more than six decades. They have three children and eight grandchildren. Their children and son-in-law are executives at Silverstein Properties.
Larry Silverstein Net Worth: Salary, Income Sources, Expenses
The American businessman and real estate specialist, Larry Silverstein, is entitled to a net worth of $4 billion. This investor makes his wealth from his career in the real estate industry to which he has dedicated his life for more than half his lifetime.
Larry Silverstein is most widely recognized as the developer who bought the World Trade Center in July 2001, less than two months before the complex was destroyed in the terrorist attacks of September 2011. Asides from what he does with his career and in his personal life, Mr. Silverstein spends a significant portion of his wealth on donations to worthy philanthropic causes. Together with his wife Klara, Silverstein gave the sum of $5 million to Hunter College to establish the Klara and Larry Silverstein Student Success Center. This structure can be found at the Hunter College Library today.