American businessman, investor, and real estate developer Larry Silverstein’s net worth is a whopping $4 billion.
After getting involved in the real estate industry for a while, Larry, along with his father, founded “Silverstein Properties.”
In the late 1970s, the company acquired several sizable office buildings in Lower Manhattan and Midtown.
However, Larry is best remembered for buying The World Trade Center on July 24, 2001, a month and a half before the tower was demolished in the 9/11 attack.
On the day of the attack, he was almost on his way to the building like he usually did, but lucky for him his wife convinced him to see the doctor.
That day, Larry narrowly escaped death and is still here to tell the tale.
Larry Silverstein | Quick Facts
Let’s look at quick facts to understand more about Larry Silverstein.
|Birth Name||Larry A. Silverstein|
|Professional Name||Larry Silverstein|
|Nick Name||Silverstein, Larry|
|Birth Date||May 30, 1931|
|Age||91 Years Old|
|Birth Place||Brooklyn, New York City, USA|
|Height||1.66 m (5 feet 5 inches)|
|Net Worth||$4 Billion|
|Profession||Businessman, Real Estate Developer, Investor|
|Father’s Name||Harry G. Silverstein|
|Mother’s Name||Helen Ann Dolan|
||65 kg (143 lbs.)|
|High School||High School of Music and Art|
|College||New York University|
|Spouse||Klara Silverstein (1956-Present)|
|Children||3 (Lisa Silverstein, Sharon Silverstein & Roger Silverstein)|
|Merch||Books, Surface Magazine Issue|
|Social Media||Facebook, Twitter, Instagram|
|Last Update||September 2022|
Larry Silverstein | Net Worth and World Trade Center
An American businessman and real estate developer Larry Silverstein’s net worth is a staggering $4 billion.
His primary source of income is “Silverstein Properties,” a privately held, full-service real estate development, investment, and management company.
Chairman Larry founded the company in 1957; since then, it has built, owned, and managed several properties across America.
The company specializes in large-scale, intricate development projects that improve neighborhoods and is best recognized for its work on the World Trade Center redevelopment.
Silverstein Properties own and manage a portfolio of high-quality assets worth over $10 billion.
It has nearly 16 million square feet of commercial, residential, and retail space spread across ten Manhattan, Philadelphia, and Los Angeles office towers.
Similarly, it has a 443-unit luxury hotel in Orlando and two prosperous rental buildings in Midtown Manhattan with 2,280 units total.
Nine million square feet of construction are currently placed under the company.
Moreover, Larry sold the 711 Fifth Avenue building to Coca-Cola for $57.6 million in 1983, turning a profit of over $46 million.
World Trade Center
Larry put up a $3.2 billion offer to lease the World Trade Center through his firm in January 2001.
“Vornado Realty” outbid him by $30 million before withdrawing their offer.
In collaboration with Westfield America, Inc., his negotiating offer was completed on April 26, 2001, and approved on July 24, 2001.
The lease agreement covered the World Trade Centers One, Two, Four, and Five as well as 425,000 square feet of commercial space.
Silverstein contributed $14 million of his personal funds to seal the deal.
According to the lease terms, Larry had both the rights and the duty to repair the structures if they were completely destroyed or whatsoever.
On September 11, 2001, every building at the World Trade Center, including towers 1, 2, 3, 4, 5, 6, and 7, were destroyed or irreparably damaged.
Larry announced his intention to rebuild shortly after the September 11 attacks in 2001.
The combined face amount of the insurance coverage for World Trade Center towers 1 WTC, 2 WTC, 4 WTC, and 5 WTC was $3.55 billion.
It is worth noting that Silverstein attempted to obtain twice the face value from his insurance providers by claiming that September 11 was two separate incidents rather than one.
Nine insurers were exposed to the “two occurrences” rather than the “one occurrence” interpretation in two trials due to the legal battle.
In 2007, a settlement was reached, and insurers promised to cover $4.55 billion, way less than what Silverstein had requested.
Larry Silverstein’s Net Worth in Different Currencies
Larry Silverstein’s net worth as of September 2022 is a whopping $4 billion, and here is how it looks in different currencies, including the cryptocurrency Bitcoin.
|Pound Sterling||£ 3,271,850,000|
|Australian Dollar||A$ 5,771,172,000|
|Canadian Dollar||C$ 5,213,980,000|
|Indian Rupee||₹ 311,806,000,000|
Larry Silverstein | Houses, Jets & Yachts
As of September 2022, Larry Silverstein’s net worth is a massive $4 billion.
In 2016, he moved to his ideal house, a penthouse on the 80th level of a brand-new condominium at 30 Park Place in Tribeca.
He paid $34 million for the penthouse unit.
He desired to move away from the Midtown Manhattan neighborhood where he had been residing for more than 30 years.
In January 2019, he sold his former residence at 500 Park Avenue, suffering a massive $5 million loss.
He had listed the unit in 2018 for $13.9 million, which was sold a year later for $9.3 million.
Jets and Yacht
It is not uncommon for a billionaire to acquire luxurious yachts and jets. And Larry isn’t any different.
Larry owns a luxurious water vessel, “Silver Shalis,” worth around $40 million. He gave the mega yacht the names of his daughters, Lisa and Sharon.
Similarly, it has an annual operating cost of about $2 to $4 million.
Aside from water transportation, Silverstein owns a private jet, a “Bombardier Global 5000,” which has the registration N117QS.
The price of a Bombardier Global 5000 is $45 million, and it can accommodate up to 16 people.
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Larry Silverstein | Lifestyle and Vacations
Larry was born into a Jewish family in Bedford-Stuyvesant, Brooklyn, in 1931.
He graduated from New York University in 1952 after attending the city’s High School of Music and Art.
He met his future wife, Klara, while working at a summer camp during his time in college.
They married in 1956 and had three children, Sharon, Lisa, and Roger.
For the first few years of their marriage, while Larry took classes at Brooklyn Law School, his wife supported the family on her pay as a school teacher.
They have been happily married for more than 30 years.
Larry also attributes her for saving his life by forcing him to maintain a dermatological appointment on September 11, 2001.
On the contrary of popular belief Silverstein did not have a wealthy upbringing.
In the 1930s, the Brooklyn neighborhood of Bedford-Stuyvesant, which was losing favor, housed his family in a walk-up apartment on the seventh level.
He had legal and musical training, and after following in the footsteps of his classical pianist father, he entered the real estate business.
He rented Lower Manhattan apartments to traders in clothing for 50 cents per square foot.
Even while it taught him the skill of negotiating, the importance of space, and how to settle to achieve a sale, he claims it was an agonizingly difficult way to make a living.
He convinced his father to borrow money in 1957, so they could purchase their first building after realizing that property owners were making more money.
According to Larry, taking risks has always come naturally to him. He immediately began borrowing millions and ultimately billions to finance speculative projects.
Silverstein’s luxurious lifestyle has allowed him to visit many countries.
Since he owns a private jet and yacht, traveling has never been a matter of concern for him.
Larry and his wife love taking strolls through downtown New York every now and then.
They love browsing the Oculus shopping mall stores and shopping for food at an Eataly location.
Aside from these, not much is known about his trips and holidays.
Larry Silverstein | Charity
Larry has been active in charity work along with his wife.
He is the founder and former head of New York University’s “Real Estate Institute” and a member of the “New York University Medical Center and Health System.”
Additionally, Silverstein held the positions of chairman of the “United Jewish Appeal” in New York and trustee of the “Museum of Jewish Heritage.”
He is also the chairman of the “Realty Foundation” and treasurer of the “National Jewish Medical and Research Center” in Denver.
In order to establish the “Klara and Larry Silverstein Student Success Center,” Silverstein gave his wife’s alma mater, Hunter College, a $5 million donation in 2012.
The same year, he established the Silverstein Scholarship Fund by giving $5.25 million to the “New York University School of Medicine.”
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Larry Silverstein | Movies & Investments
Larry has starred in a few documentaries and television series outside his career as a real estate developer.
He has been featured in documentaries such as “The Resilient” (2018), “Big Time” (2017), “16 Acres” (2012), and “Martial Law 9/11: Rise of the Police State” (2005).
Moreover, “NYC Epicenters 9/11-2021½” (2021), “60 Minutes” (2017), “Charlie Rose” (2011), and “Frontline” (2004) are some of his TV credits.
As of September 2022, Larry Silverstein’s net worth is a massive $4 billion.
His primary investment is Silverstein Properties, the company he has reared since its inception.
With $210 million in revenue, Silverstein Properties generated a net operating income of $118 million in 2017.
Larry has also invested in Silverstein Capital Partners (SCP).
The company’s primary goal is to offer borrowers in urban areas in North America a wide range of loan and rescue funding for all significant product categories.
The company is one of the many lenders that entered the market during the financial crisis when banks were subject to strict rules.
Since traditional banks still dominated the sector, the company first focused on construction lending.
As a result, SCP has already invested $2 billion, mostly in construction and condo inventory loans, since its start in 2018.
Larry Silverstein | Career
In 1957, Larry, his father, and Bernard H. Mendik, brother-in-law, founded Silverstein Properties.
After that, they acquired their first Manhattan structure.
However, with their differences in real estate strategies, Mendik ended their partnership in 1977.
By 1978, Silverstein had five Fifth Avenue properties under his ownership in addition to 44 Wall Street and a Stamford, Connecticut, shopping mall.
He obtained the leasehold for the Equitable Building at 120 Broadway in 1980 and refurbished the structure at 11 West 42nd Street.
Additionally, in 1980, Larry purchased the 1930-built 120 Wall Street structure.
In 1991, he designated 20 floors of 120 Wall Street as an Association Center, with tax advantages for the renters and bonds for Silverstein to carry out building repairs.
Some Interesting Facts About Larry Silverstein
- Larry played the piano and listened to classical music when he was younger.
- He was the developer of president Ronald Reagan’s building.
- To draw attention to what he viewed as insurer shortcomings, Silverstein made an appearance at a rally of construction workers and government representatives in March 2007.
Did Larry Silverstein buy the 99 Church Street building?
Yes, he purchased the 99 Church Street building for $170 million in November 2006 and turned it into a hotel.
How is Larry Silverstein doing?
He is completely healthy and living his best life with his family.
Is the World Trade Center completely reconstructed?
Due to the loss of a potential anchor tenant, the project has not yet been finished.