Larry Silverstein

Now that American Express is locked, what do you think the hardest part of 2 WTC will be?

The hardest part is getting the building built! Fortunately, we’ve got some of the finest union craftsmen and women in the world working with us. They’ve done a magnificent job on every building we’ve completed at the World Trade Center, and I have every confidence they’ll do the same at 2 WTC. 

We’re also very conscious of our neighbors. Klara and I live downtown, and we know how important it is to keep the construction site safe, clean and as quiet as possible. After 25 years of rebuilding the World Trade Center, I can’t tell you how exciting it is to see the final tower underway.

Where are you getting your money – or, how would you describe your investor base?

We’ve been fortunate to develop long-standing relationships with sovereign wealth funds, pension funds and other institutional investors around the world. They know us, we know them, and we share a long-term view of real estate. I’ve always believed that the most important ingredient in a successful partnership is trust. That applies whether you’re investing a billion dollars or shaking hands on your first deal.

Tell us about the 55 Broad Street conversion. Did anything change after the Pfizer conversion suffered that accident and delay over the summer?

We were fortunate to have completed our conversion before those problems arose, so that had no impact on us. 

And I’m delighted with the results. We took an obsolete office building and turned it into a terrific residential property in a neighborhood that has become one of New York’s most desirable places to live. The apartments are beautiful, the amenities are first rate, and our residents are very happy. It’s another example of how much downtown has changed over the past 25 years.

If you could change one area of global or local tumult, what would it be?

I’d like to make it easier and less expensive to build things. Construction costs, financing, insurance, regulations — everything has become more expensive and complicated. And ultimately, those costs get passed along to the people who live and work in our buildings. 

New York needs more housing, more offices and more investment. We should be doing everything possible to encourage that, not make it harder.

Have you made cuts in your portfolio? 

No, we haven’t. At 95, I’m still much more interested in finding the next opportunity than getting rid of the ones we already have.

Is the opportunistic window open or closed? 

After more than 70 years in real estate, I’ve learned that there’s never a perfect time to make an investment. Interest rates are too high, construction costs are rising, or somebody is predicting the next recession. There will always be a reason to wait. When we started rebuilding the World Trade Center, plenty of people told us it couldn’t be done. But we believed in New York, we believed in downtown, and we moved forward. 

You have to do your homework, understand the risks, and then make a decision. I still believe the best opportunities are ahead of us.

Lightning Round:

Your AI platform of choice? ChatGPT.

Who would play you in a movie? Robert De Niro. We are neighbors on Greenwich Street, and he is a quintessential New Yorker, like me.

One prompt you’d never give AI. Who should play me in a movie?

Jalen Brunson or Aaron Judge? I love them both, but Jalen helped bring New York its first Knicks championship in 53 years. How can you argue with that?

“Oppenheimer” or “Odyssey”? Both excellent Christopher Nolan films, but you are more likely to find me and Klara at the New York Philharmonic.

Tom Holland, Andrew Garfield or Tobey Maguire? Tobey Maguire was a great Peter Parker, Andrew Garfield was a great Spider-Man, but Tom Holland manages to be both.

Have you ever eaten pizza with a knife and fork? Of course not — fingers only, I’m a New Yorker!

The most money you’ve ever spent on a hamburger? I’m very lucky that Klara cooks my hamburgers for me.

Bank or non-bank? Whichever one wants to lend us the money!

Last book you read? Streetwise: Getting to and Through Goldman Sachs by former Goldman CEO Lloyd Blankfein.

Borrowing costs — up or down in 2027? I hope down. But, if I could predict interest rates, I’d be in a different business.

What was your nickname when you grew up? Larry, which was handy as it’s my name.

How long do we have before AI kills us all? At least a year.

Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) Anywhere Klara is, that’s where I will be. We’ve been married for 70 years, so as long as we are together, that’s all that matters.