Larry Silverstein - Silverstein Properties

Silverstein Properties

After splitting with Mendik, both remained involved in the real-estate industry, but in separate firms. By 1978, Silverstein owned five buildings on Fifth Avenue, as well as 44 Wall Street, and a shopping center in Stamford, Connecticut. In 1980, he renovated the building at 11 West 42nd Street, and acquired the lease for the Equitable Building at 120 Broadway. In 1983, Silverstein sold the building at 711 Fifth Avenue to Coca-Cola for $57.6 million, having bought the building in 1977 for $11.5 million.

Also in 1980, Silverstein bought the building at 120 Wall Street, which was constructed in 1930. In 1991, Silverstein set aside 20 floors of 120 Wall Street to be leased by non-profit organizations, as an Association Center, with tax incentives for the tenants and bonds for Silverstein to undertake building renovations. By 1994, Silverstein had signed up 14 nonprofit tenants for 120 Wall Street, and the building was nearly at capacity by 1997, with 38 nonprofit tenants including the National Urban League and the Illuminating Engineering Society of North America.

In 1980, Larry Silverstein won a bid to lease and develop the last undeveloped parcel from the Port Authority of New York and New Jersey, to build the 47-story building 7 World Trade Center.