The Man Who Built New York City With No Money | Larry Silverstein

In this episode of Big Shot, we sit down with another legendary real estate developer, Larry Silverstein. Best known for the 99-year lease he signed for the World Trade Center, just six weeks before 9/11, Larry’s story is one of persistence and strategic partnerships—and a whole lot of chutzpah. He shares with us today how he leveraged partnerships, refurbished properties on a shoestring budget and built a business that today is valued at over $10 billion. As with many successful Jewish entrepreneurs, family is at the center of it all, and Larry speaks with extreme gratitude about his children and wife Klara. You won’t want to miss hearing about how Larry very narrowly missed being at ground zero during 9/11, and how his wife supported his efforts in rebuilding the World Trade Center. 

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In This Episode We Cover: 

(03:19) How Larry got established in real estate with no money

(09:59) Why Larry turned down a 100k profit on his first contract 

(12:51) How Larry leveraged investors to land million-dollar properties

(14:22) The low-budget, resourceful way Larry’s team refurbished buildings

(16:31) How Larry collaborated with competitors in purchasing 711 Fifth Avenue

(24:42) Coca-Cola’s purchase of 711 Fifth Avenue

(26:43) Why Larry worked with partners

(27:33) The beginning of Larry’s journey toward buying the World Trade Center

(35:22) How Silverstein Properties built their own electric plant 

(45:28) The drama of signing Salomon Brothers 

(52:44) Larry’s accident and acquiring the World Trade Center

(58:45) Why Larry was absent from the building on 9/11 

(1:00:20) How Larry decided to rebuild the World Trade Center

(1:04:21) When Larry knew he made it

(1:06:28) Larry’s philanthropic efforts paying the tuition of medical school students

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Referenced: 

Harry Helmsley: https://en.wikipedia.org/wiki/Harry_Helmsley

711 Fifth Avenue Purchased from Columbia Pictures: https://www.nytimes.com/1978/04/23/archives/realty-news-fifth-avenue-third-avenue-executives-named.html

George Kaufman’s obituary: https://www.nytimes.com/2018/02/26/obituaries/george-s-kaufman-who-revived-astoria-studios-dies-at-89.html

Peter Feinberg obituary: https://www.nytimes.com/1990/03/15/obituaries/peter-i-feinberg-79-real-estate-developer.html

Port Authority to lease World Trade Center to Silverstein Properties: https://www.panynj.gov/port-authority/en/press-room/press-release-archives/2001_press_releases/port_authority_toleaseworldtradecentertosilversteinpropertiesinc.html

World Trade Center history: https://www.911memorial.org/learn/resources/digital-exhibitions/world-trade-center-history

Ed Koch: https://en.wikipedia.org/wiki/Ed_Koch

Salomon Brothers: https://en.wikipedia.org/wiki/Salomon_Brothers

Mortimer Zuckerman: https://en.wikipedia.org/wiki/Mortimer_Zuckerman

Salomon Will Move to the World Trade Center: https://www.nytimes.com/1988/11/29/nyregion/salomon-will-move-to-trade-center.html

The Collapse of Drexel Burnham Lambert: https://www.nytimes.com/1990/02/14/business/the-collapse-of-drexel-burnham-lambert-key-events-for-drexel-burnham-lambert.html

NYU School of Medicine Offers Full-Tuition Scholarships to All New & Current Medical Students: https://nyulangone.org/news/nyu-school-medicine-offers-full-tuition-scholarships-all-new-current-medical-stu