Silverstein Properties in the context of "Twin Towers"

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⭐ Core Definition: Silverstein Properties

Silverstein Properties Inc. is an American family-held, full-service real estate development, investment and management firm based in New York City. Founded in 1957 by Chairman Larry Silverstein, the company specializes in developing, acquiring, and managing office, residential, hotel, retail, and mixed-use properties. The firm is New York City's fifth-largest commercial landlord.

Silverstein Properties' real estate business has been one of the largest investors in New York City real estate over the past fifty years, having developed, owned and managed more than 40 million square feet of office, residential, hotel and retail properties including the new World Trade Center, 30 Park Place (Four Seasons Private Residences New York Downtown), 120 Wall Street, Equitable Building, and Americas Tower.

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In this Dossier

Silverstein Properties in the context of World Trade Center (1973–2001)

The original World Trade Center (WTC) was a complex of seven buildings in the Financial District of Lower Manhattan in New York City. Built primarily between 1966 and 1975, it was dedicated on April 4, 1973, and was destroyed on September 11, 2001. The complex included the 110-story-tall Twin Towers, at the time of their completion the tallest buildings in the world, with the original 1 World Trade Center (the North Tower) at 1,368 feet (417 m), and 2 World Trade Center (the South Tower) at 1,362 feet (415.1 m); they were also the tallest twin skyscrapers in the world until 1996, when the Petronas Towers opened in Kuala Lumpur, Malaysia. The other buildings in the complex were the Marriott World Trade Center (3 WTC), 4 WTC, 5 WTC, 6 WTC, and 7 WTC. The complex contained 13,400,000 square feet (1,240,000 m) of office space and, prior to its completion, was projected to accommodate an estimated 130,000 people.

The core complex cost about $400 million (equivalent to $2.37 billion in 2024). David Rockefeller suggested the construction of a large office building complex to help stimulate urban renewal in Lower Manhattan, and his brother Nelson, then New York's 49th governor, signed the legislation to build it. The buildings at the complex were designed by Minoru Yamasaki. In 1998, the Port Authority of New York and New Jersey decided to privatize it by leasing the buildings to a private company to manage. It awarded the lease to Silverstein Properties in July 2001. During its existence, the World Trade Center symbolized globalization and the economic power and prosperity of the United States. Although its design was initially criticized by New Yorkers and architectural critics, the Twin Towers became an icon of New York City. It had a major role in popular culture, and according to one estimate was depicted in 472 films. The Twin Towers were also used in Philippe Petit's tightrope-walking performance on August 7, 1974. Following the September 11 attacks, mentions of the complex in various media were altered or deleted, and several dozen "memorial films" were created.

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Silverstein Properties in the context of World Trade Center site

The World Trade Center site, often referred to as "Ground Zero" or "the Pile" immediately after the September 11 attacks, is a 14.6-acre (5.9 ha) area in Lower Manhattan in New York City. The site is bounded by Vesey Street to the north, the West Side Highway to the west, Liberty Street to the south, and Church Street to the east. The Port Authority of New York and New Jersey (PANYNJ) owns the site's land (except for 7 World Trade Center). The original World Trade Center complex stood on the site until it was destroyed in the September 11 attacks.

The Port Authority, Silverstein Properties, and the Lower Manhattan Development Corporation (LMDC) have overseen the reconstruction of the site as part of the new World Trade Center, following a master plan by Studio Daniel Libeskind. Developer Larry Silverstein holds the lease to retail and office space in four of the site's buildings.

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Silverstein Properties in the context of 3 World Trade Center

3 World Trade Center (3 WTC; also known as 175 Greenwich Street) is a skyscraper constructed as part of the new World Trade Center in Lower Manhattan, New York City. The tower is located on Greenwich Street along the eastern side of the World Trade Center site. The building was designed by Rogers Stirk Harbour + Partners, and is managed by Silverstein Properties through a ground lease with the Port Authority of New York and New Jersey (PANYNJ), the landowner. It is 1,079 ft (329 m) high, with 80 stories. As of 2025, it is the tenth-tallest building in the city.

The current edifice is the second on the World Trade Center site to bear the address 3 World Trade Center. The original building was the Marriott World Trade Center, a 22-story, 825-room hotel located in the southwest corner of the World Trade Center complex. Opened in July 1981 as the Vista International Hotel, it was destroyed during the September 11 attacks in 2001, along with the rest of the World Trade Center.

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Silverstein Properties in the context of Larry Silverstein

Larry A. Silverstein (born May 30, 1931) is an American billionaire businessman. Among his real estate projects, he is the developer of the rebuilt World Trade Center complex in Lower Manhattan, New York City, as well as one of New York's tallest residential towers at 30 Park Place, where he owns a home. As of December 2024, he had an estimated net worth of US$1 billion according to Forbes.

Silverstein was born in Brooklyn, and became involved in real estate, together with his father, establishing Silverstein Properties. Silverstein separated from his business partner, Bernard Mendik, in 1977, and bought a number of large office buildings in Midtown and Lower Manhattan in the late 1970s. In 1980, he won a bid from the Port Authority of New York and New Jersey to construct 7 World Trade Center on Vesey Street, just north of the main World Trade Center site. He was interested in acquiring the original World Trade Center complex, and put in a bid when the Port Authority put it up for lease in 2000. He won the bid when a deal between the initial winner and the Port Authority fell through, and he signed the lease on July 24, 2001.

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Silverstein Properties in the context of Equitable Building (Manhattan)

The Equitable Building is an office skyscraper located at 120 Broadway, between Pine and Cedar streets, in the Financial District of Lower Manhattan, in New York City. The skyscraper was designed by Ernest R. Graham in the Neoclassical style, with Peirce Anderson as the architect-in-charge. It is 555 feet (169 m) tall, with 38 stories and 1.2 million square feet (110,000 m) of floor space. The building's articulation consists of three horizontal sections similar to the components of a column, namely a base, shaft, and capital.

The Equitable Building replaced the Equitable Life Building, the previous headquarters of the Equitable Life Insurance Company, which burned down in 1912. Work on the Equitable Building started in 1913 and was completed in 1915. Upon opening, it was the largest office building in the world by floor area. The Equitable Building hosted a variety of tenants and, by the 1920s, was the most valuable building in New York City. The Equitable Life Insurance Company, the building's namesake, occupied a small portion of the building until it moved out during 1960. The owner as of 2022, Silverstein Properties, purchased the Equitable Building in 1980 and has renovated it multiple times.

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Silverstein Properties in the context of Americas Tower

Americas Tower, also known as 1177 Avenue of the Americas, is a 50-story, 692-foot (211 m) skyscraper in Midtown Manhattan, New York City, at Sixth Avenue and 45th Street. Construction began in 1989 and was expected to be completed in 1991. This schedule was altered when construction was halted in December 1989 due to lawsuits. In February 1991, construction resumed. Swanke Hayden Connell Architects designed the tower in a mixture of the art deco and postmodern styles. The facade is made of polished reddish-pink granite. The tower was sold in 2002 for US$500 million to a group of German-American investors. Silverstein Properties and CalSTRS resold the building to Norges Bank Investment Management in 2025 for US$542.6 million.

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