Lower Manhattan’s Transformation as Larry Silverstein Remembers
Larry Silverstein, chairman and founder of real estate development and management firm Silverstein Properties, has had eyes for Lower Manhattan since his first acquisition at 44 Wall St. in the early 1970s.
NEW YORK CITY – Larry Silverstein, chairman and founder of real estate development and management firm Silverstein Properties, has had eyes for Lower Manhattan since his first acquisition at 44 Wall St. in the early 1970s.
Soon after, that initial investment mushroomed into several others nearby for a total of four million square feet in the portfolio before his acquisition of the then Twin Towers in 2001. “By that time Lower Manhattan was a very important part of me and I found myself attracted to it continuously,” Silverstein tells GlobeSt.com.
Silverstein is a witness to the change in Lower Manhattan from his earliest involvement in the market up until today, watching the development of buildings grow larger, and the neighborhoods evolve into a live-work-play environment. He has also been a part of the community confronting its past from the 9/11 tragedy that changed the world of Downtown forever, he said.
From the acquisition of 44 Wall St. that totaled an estimated 300,000 square feet was 120 Broadway, totaling an estimated 700,000 square feet, 120 Wall Street totaling an estimated 1.8 million square feet on a half-square block, and then to the winning of development rights of 7 World Trade Center. And then came the Twin Towers acquisition, which months later were demolished in a calculated terrorist attack and later rebuilt to One World Trade Center.
The market is completely different from post and pre 9/11, Silverstein remembers. “The progress is nothing short of compelling, it’s remarkable,” he said. “You look at the buildings that were here several decades ago, and the buildings that are here today, it’s another city, it is a totally different environment, it is another community.”
According to Silverstein, the density of the buildings has grown vast and they are much taller and larger. Still reminders of what the market was are Landmark buildings permeating Lower Manhattan to a degree far greater than any other part of the city because they were the landmarks from the earliest days of New York City. “There are some of the architectural legends of federal landmarks of yesteryear,” he said. “Going back to buildings built in 1915, 1918 and 1920,” he said. “They’re magnificent landmark buildings.”
Neighborhoods have broadened Downtown Manhattan by virtue of landfills, such as in Battery Park City and over to the East River. The population in the neighborhood has also grown substantially, with more people than ever residing in the area than ever before. Office buildings have been converted into residential buildings, Silverstein said. “You see how the change has taken place in Lower Manhattan and today with 11 mass transit lines serving Downtown, it is the largest live-work-play population in the U.S.,” he said. “It has the highest concentration of people living in communities in which they work. It’s a complete change in which resonates the greatest.”
In a new book titled “A Century Downtown,” highlighting the varied history of Lower Manhattan, Silverstein notes how the area has changed into a hub for tech and creative-focused companies. In the book’s forward, he says, “this isn’t your grandfather’s Wall Street.”