Larry Silverstein

Is there a single “good” sign you see in a distressed property that makes you want to buy it?

I would say a properly priced, well-located office building that lends itself to modification, to modernization.

What real estate or tax policy would you like to see from a Trump administration? 

Any policy that’s not inflationary and that encourages residential development, considering the country’s housing crisis.

If you could stack the new administration with people you know and do business with, who would you choose?

Secretary of state: Mary Ann Tighe

Secretary of the Treasury: Scott Rechler

Attorney general: Jonathan Mechanic

Secretary of commerce: Rick Cotton

Secretary of labor: Gary LaBarbera

Secretary of Housing and Urban Development: Nathan Berman

Secretary of transportation: Janno Lieber

Secretary of education: Eva Moskowitz

Let’s talk about office. Is the worst over?

I certainly hope so, especially considering how many employers are now requiring the return of office workers — five days a week, in some cases. New buildings like the ones we have built here at the World Trade Center are doing just fine. Thankfully, our office buildings are almost fully leased. But we’re not out of the woods yet.

Let’s talk about multifamily. Do you ever see yourself building normal, middle-class rentals again? What would stop you?

I think anything we would want to build today is normal (or market-rate) middle-class rental housing. But financing is still too expensive — high interest rates, high construction costs. This is what’s holding everyone back.

Which market (outside of NYC) do you like best?

We are building and opening residential or mixed-use projects across the country: in Salt Lake City, Utah; Bellevue, Wash.; Tempe, Ariz. All of them are doing well, or expected to do well. I’m always bullish on building housing because of the need.

What’s going to be your biggest expense in 2025?

Interestingly, insurance is one of the biggest expenses. It’s going absolutely crazy, for several reasons, including the frequency and intensity of storms.

How’s the financing climate for new development and redevelopment — hot, cold or just right?

I’d say it’s colder than it is just right, particularly when you consider the cost of construction.

What are your predictions for the mayor’s City of Yes, especially given the controversies within the Adams administration?

I’m optimistic. We would like to participate — if the city can move quickly enough to implement the program.

Do you still like Eric Adams? (Did you ever like him?)

I’ve always been a fan of Eric Adams because he’s a centrist in his thinking, and he’s tried very hard to improve the fortunes of the city. And, sadly, he now finds himself defending his actions. I wish him the best, and hope that he can clear himself of the charges and continue his efforts on behalf of the city.

Lightning Round:

Your social media of choice?
Personally, I prefer the printed word. For print readers out there: My book “The Rising” is out and getting good reviews. Buy a copy!

AI: Helpful in CRE or a fad?
Yes, AI can be very beneficial in several ways.

Last movie you saw in a theater?
We haven’t been in years. But we love going to concerts and shows, and just attended a gala at the Perelman Performing Arts Center.

You’re going on a six-month expedition into the Amazon. What’s your last meal before you get on the plane?
I wouldn’t be on a plane. I’d be on my boat, with my sweetheart of 68 years, Klara.

Tesla or BMW?
Mercedes.

Will interest rates be below or above 4 percent on July 1, 2025?
I’m hoping for below, but I fear it’ll be significantly above.

If you could partner with one person in the business on a property, who would it be?
I had a successful investment near NYU with Warren Buffett years ago, and I’d be delighted to do it again.

What are you tired of talking about?
Old real estate deals. And my aches and pains.