Early Life and Education
Larry Silverstein was born in Brooklyn, New York, in 1931, into a Jewish family. He attended the High School of Music and Art and later graduated from New York University in 1952. He also attended Brooklyn Law School. During his college years, he met his wife, Klara, whom he married in 1956. Silverstein's father was a commercial leasing broker, which gave him early exposure to the real estate world. Silverstein's father's work as a leasing broker in the garment district would expose him to the impact lawyers had on transactions, leading to Silverstein's attendance at law school.
Rise to Success
Silverstein's career began with his father, Harry G. Silverstein, and later with his brother-in-law, Bernard H. Mendik. In 1957, they founded Silverstein Properties. His business strategy involved acquiring and developing commercial properties, including iconic buildings like 11 West 42nd Street and 120 Wall Street in Manhattan. Silverstein's most significant achievement was acquiring the 99-year lease for the World Trade Center complex in 2001. Despite the tragedy of the 9/11 attacks, Silverstein was determined to rebuild. He secured a substantial insurance payout to fund the reconstruction and oversaw the development of new towers on the site.
Key Business Strategies
Silverstein's key strategies include identifying and capitalizing on real estate opportunities in Manhattan. He focused on acquiring properties and developing them, and re-positioning older buildings to enhance their value. Silverstein also demonstrated an ability to negotiate complex deals, such as the WTC lease, and navigate legal and financial challenges. His long-term vision and ability to secure premium tenants have been vital to his success. Silverstein Properties is known for its focus on large-scale, complex development projects and commitment to providing first-rate services.
Philanthropy
Silverstein is actively involved in philanthropy, particularly in education and medical research. He founded the New York University Real Estate Institute and is involved in the Museum of Jewish Heritage. The Silversteins have also supported Hunter College and the New York University School of Medicine.