BisnowTV: One-On-One With Larry Silverstein (Part 3) The Next 5 Years...
In our 3rd installment of BisnowTV's One-On-One segment, Lisa Knee (EisnerAmper) spends the day with Larry Silverstein (Silverstein Properties) discussing Larry's thoughts on sustainability, Hudson Yards, and general thoughts and strategies.
- One-On-One with Larry Silverstein - Future Of The World Trade Center (Part 1)
- One-On-One - The Story Behind Larry Silverstein's Real Estate Empire (Part 2)
- One-on-One With Scott Rechler, RXR Realty CEO And Chairman
LISA KNEE (EisnerAmper): We're sitting here today at 7 World Trade Center with one of the most iconic and successful developers of our time, Larry Silverstein. Mr. Silverstein, thank you so much for joining us this morning, and giving us your great insight.
LARRY SILVERSTEIN (Silverstein Properties): I hope it's great. I'm not so sure of that.
LISA: I'm sure it will be.
LARRY: But it will be insight.
LISA: You've always been on the forefront of sustainability. 36 years ago you had the first co generation system in a building. 7 World Trade Center, where we are today, is the first LEED certified office building in Manhattan.
LISA: How does that factor into your designs in your building, making sure that you're on the forefront of where we need to be?
LARRY: Lisa, it's an essential part of everything we do today. To be concerned about our globe. And to be concerned about the environment in which we live, and function. And if we don't take care of this environment, we're going to have a disaster. And so it's something we just have to look at, understand, comprehend fully, and then embrace by way of being as sustainable as we possibly can be in everything we do. Absolutely everything, right?
LARRY: So, when it came time to redesign and rebuild 7 World Trade Center, we went all the way in terms of sustainability. If there's something we could do, we did it. And, of course, we ended up being the first LEED certified office building in the city of New York.
LARRY: In a number of instances, tenants made the decision to come with us, because we were sustainable. And where they were uptown, where they could've renewed, was not. And to restore, and try to get those buildings into a sustainable position, excruciatingly difficult, right? Tough. Especially with tenants in possession.
LARRY: So people have to move out. And then they first start rebuilding the space. It's very difficult. Inconvenient as hell.
LISA: How do you think the the development of Hudson Yards is going to impact Lower Manhattan?
LARRY: I think Hudson Yards will do quite well. It's a vast development in size. And that will take many, many years, 20 years, maybe longer, before it's finished. But I think it will do well. I think that the advent of the 7 subway line is absolutely essential to that place. I'm concerned, because I think one line is totally inadequate. I think they're going to need more.
"Where do you find the Energy...?"
LISA: Some of the projects you are working on aren't going to be completed until you are 90. And I was recently at an event where you spoke and you said, I'm not done yet. I'm just getting started. So where do you find the energy and the motivation?
LARRY: The energy I can't tell you. Although, it's probably due to the fact that my wife makes me a big breakfast every morning. So I don't leave the house without a big bowl of oatmeal, and freshly squeezed orange juice, and a banana, and all the good stuff. And so I walk out of the house feeling just terrific, fully invigorated, and ready to go.
LARRY: But the interesting thing is, that the involvement in the activities in which we participate on a daily basis are so stimulating, that I find that getting out of bed in the morning, and getting to the shower, and coming to work, a very exciting thing. And I'm just thrilled to be able to go to work, to participate with a terrific team of young, exciting, knowledgeable, competent, educated, experienced people who work as a team. And it's a wonderful group of people. And I find myself absolutely thrilled to be able to be a part of that. Not withstanding the fact that I'm 85. Great fun.
LARRY: On another occasion. But I will also tell you that the most immediate challenge is Tower two. That's the single most immediate challenge. Want to get that done. And a chronology of life is a reality, which I have to deal with on a constant basis. So, for me, that is number one. And I want to see that completed in my lifetime so I can enjoy it.