February 29, 2008
Larry Silverstein
Larry Silverstein heads Silverstein Properties, a real estate developer and management organization. The company owns over 7 million square feet of prime residential and office space in Manhattan.
They were responsible for building the Ronald Reagan Building in Washington DC – at 3.1 million sq foot, the biggest privately developed office building in the US. The building is, of course, occupied by the US government. At that time, the Ronald Reagan building was the most expensive federal building ever built ($768 million and came in for substantial criticism considering the fact that Mr. Reagan himself was against such ostentatious government expenditure. But it seems Mr. Silverstein has friends in high places
Six weeks before the September 11th attacks on the World Trade Center, Silverstein Properties acquired the lease to the building which marked the largest real estate transaction in New York history. Only being overshadowed by the subsequent insurance claim which took several years in court to settle. Silverstein is committing the bulk of the $5 billion settlement to the redevelopment of the World Trade Center site.
Silverstein opened 7 World Trade Center in 2006 – a 52 floor office tower at 250 Greenwich Street near the World Trade Center site.
Many of Silverstein’s properties are commercial, but they also have substantial interests in the luxury residential market with plans to build the tallest residential downtown tower at 99 Church Street. The property will be operated by luxury hotelier The Four Seasons. Architects for the project are Robert A.M Stern. Once completed, the building will stand 80 stories tall and have a slim profile. The lower half of the building will comprise a 175-room Four Seasons Hotel with the remaining floors given over to private condominiums. 143 luxury apartments of up to 6,500 square feet.
Clearly this company is a force to be reckoned with in the luxury real estate market.
The Ronald Reagan Building
Useful Links
Filed under For Enthusiasts, Luxury Property Developers by Mark Knowles
