Commercial Observer Power 100

By The Editors | Commercial Observer

Larry Silverstein and Marty Burger (41)

Chairman and CEO of Silverstein Properties

While Silverstein Properties has long held a place as one of New York City’s most known commercial real estate brands, this year, the firm outdid itself. After years of wrangling over funding for 3 World Trade Center, Silverstein secured $1.63 billion in financing and restarted construction, with the shiny tower now set to open in 2018.

Down the street, tenants moved into 4 World Trade Center, which is now 60 percent leased, according to a representative for the firm. Downtown’s revitalization is now in full effect, Mr. Silverstein said. “It’s happening. And it certainly makes us feel pretty damn good,” he told Commercial Observer in a December 2014 interview. And with “major tenant interest,” in 2 World Trade and 3 World Trade, as the representative said, the trend is set to continue. “I think 2015 will be an interesting year in the life of Tower 2,” Mr. Silverstein noted. 

Silverstein also saw its Four Seasons Downtown top out and the firm sold over 65 percent of the condominium units in 30 Park Place. The company, which in January of 2014 made Mr. Burger the chief executive officer, also nabbed financing for 1 West End Avenue, a condo development it is building with Elad Group on the Upper West Side. The $650 million loan was led by Wells Fargo; construction on 1 West End began in January 2015.—Guelda Voien

By The Editors April 29, 2015, 7:52 a.m.