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On this episode, we hear Silverstein Properties CEO Larry Silverstein in conversation with Mary Ann Tighe, the Tri-State CEO at CBRE.
In the discussion, recorded live at Bisnow’s 2022 New York City Economic Forecast event last week, Silverstein shares what he has learned in the nearly 70 years he has been working in New York City real estate, developing the World Trade Center — before and after 9/11 and how he’s made it through multiple downturns.
“The general sense is towards the end of ‘23 we're going to start coming out of the downturn, and back into an upturn – ‘24 should be a much better year than ‘23 and ‘25 better still. So [for] many this is the time to say ‘stay alive to 25,’” he said.
He also discussed the work-from-home phenomenon, politics in the city and the issues the company is facing in trying to build the $2B Innovation QNS project in Astoria without the current support of the local city council member.
“It’s shown me building residential in New York has become more difficult than ever," Silverstein said. "The more we need housing, the more impossible it has become.”
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