Larry Silverstein thought he was on the eve of retirement when he acquired the World Trade Center in August 2001. His career was only beginning.
Silverstein's remarkable path...
Humble Brooklyn beginnings:
Silverstein’s dad was a classical pianist who turned to brokering buildings to pay the bills. Larry tagged along as a kid, learning his first real estate lesson early: “Always buy corners.”
His first deal was sink-or-swim:
In the 1950s, he raised money from friends and bought, fixed, and leased a crumbling loft building on East 23rd Street in Manhattan.
Compounded ownership:
Over the next 40 years, Silverstein built built a 10M+ SF portfolio by developing and acquiring buildings like 11 West 42nd, 120 Wall, and 529 Fifth. Few headlines, just compounding.
The big bet:
At 70 years old, Larry won a 99-year lease for the World Trade Center.
He put up just $14 million of his own equity to control 10 million square feet. Six weeks later, the towers were gone.
Thank God for the dermatologist:
Larry had breakfast every morning at Windows on the World atop the WTC, but on 9/11, his wife insisted he keep a check-up. He almost canceled. She wouldn’t let him. That decision saved his life.
A $4.55 billion insurance battle:
He argued the attacks were two separate events to double the payouts. After years in court, he won one of the largest insurance settlements in history, which funded the rebuild. “If we don’t rebuild, the terrorists win.”
Friends told him to walk away:
Instead, he spent 20 years leading the reconstruction of Ground Zero, creating a new business district with world-class design, safety, and sustainability.
Still showing up:
At 90, Silverstein still comes to the office daily in a double-breasted suit and pocket square. “We’re not finished. But since I’m only 90… no rush.”
Giving back:
He founded NYU’s real estate institute, one of the earliest institutions to offer undergraduate and graduate degrees in commercial real estate, ensuring that Silverstein's legacy will continue for generations to come.
Leave a comment if you've been affected by Mr. Silverstein's career.
PS -- Larry, on the off chance that you see this: "thank you."
COMMENTS