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Larry Silverstein to Build America’s Tallest Residential Tower in New York City

Get ready New Yorkers for yet another mammoth record breaking skyscraper.

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CEO Summit at NYU Larry Silverstein to Build America’s Tallest Residential Tower in New York City /  520 W. 41st

 

No one could ever accuse Larry Silverstein of lacking ambition. After all the billionaire real estate mogul is currently investing billions to rebuild several of the World Trade Center buildings. In 2001, just 2 months before the September 11 attacks, his Silverstein Properties acquired the lease for the World Trade Center for $3.2 billion.

His latest plan is to build the tallest residential building in America on the West Side of Manhattan on the site of a former Mercedes-Benz dealership between 10th and 11th avenues.

The proposed tower for 520 W. 41st would be 1, 100 feet tall, have 106 floors and 1, 400 apartments. It would have a total of 1.14 million square feet of residential space, plus another 175, 000 square feet for corporate apartments. 280 of the units will be set aside as affordable apartments. The podium will have 300, 000 square feet of retail space and there will also be 175, 000 square feet of office space in the tower.

The developer hopes to begin construction on the new building in 2017 and have it completed in 2020.

Founded in 1957 by its President and CEO Larry Silverstein, Silverstein Properties Inc. is a privately held real estate development, investment and management firm based in New York. The company develops and acquires office, residential, hotel, retail, and mixed-use properties.

The firm took out a lease on one, two, four and five World Trade Center in New York just before the September 11th attacks.

 

SILVERSTEIN

 

Larry A. Silverstein was born in Brooklyn in 1931 and began his career in real estate, together with his father. Together they established Silverstein Properties.

Silverstein’s philanthropic activities have extended to his alma mater, New York University. He is the founder and chairman emeritus of its Real Estate Institute, a trustee of the New York University Medical Center and Health System. Silverstein also has served as chairman of the United Jewish Appeal in New York, the Realty Foundation, trustee of the Museum of Jewish Heritage, and treasurer of the National Jewish Medical and Research Center in Denver.

He has an estimated net worth of $3.5 billion.

 

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