Silverstein Properties has longstanding roots in The Avenir’s immediate area, as well as extensive experience developing affordable housing in New York City, including in the Hell’s Kitchen / Hudson Yards neighborhood. In 1984, Larry Silverstein purchased the full square block between West 42nd and West 41st Streets and 11th and 12th Avenues in anticipation that the commercial redevelopment of Times Square would ignite the need for rental housing nearby.
Silverstein Properties was one of the first companies to spur residential development in the neighborhood when it opened River Place, a 921-apartment tower, in 2001, and Silver Towers, a 1,359-apartment residential building in two 60-story towers, in 2010. These buildings – directly across the street from the proposed development – include 549 affordable homes, including 230 apartments that the company recently converted to affordable housing in River Place.
Led by Founder and Chairman Larry Silverstein, Silverstein Properties is widely known for its civic leadership following the terrorist attacks of September 11, 2001, when the company worked with dozens of elected officials and public agencies to rebuild the World Trade Center site and revitalize Lower Manhattan. The company is now poised to assist in the City and the State’s economic recovery through a project that will create thousands of jobs, generate billions of dollars in direct and indirect economic activity for the State and the City as well as funding for the Metropolitan Transportation Authority.
The expanded housing partnership follows a wave of recent news about The Avenir including a hospitality partnership with Hyatt and the Hotel and Gaming Trades Council and a food, beverage and workforce partnership with Union Square Hospitality Group, STARR Restaurants and a host of chefs from the immediate project area.
The Avenir’s project site is fully owned and controlled by Silverstein Properties and is shovel-ready upon approval. The site is also free of complex logistical hurdles, such as land-use approvals and the need for residential or commercial displacement.
About Silverstein Properties
Silverstein Properties is a privately held, full-service real estate development, investment, and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company has developed, owned, and managed more than 40 million square feet of commercial, residential, retail, and hotel space. High-profile projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006); 4 World Trade Center (2013); Four Seasons Walt Disney Resort (2014); the Four Seasons Downtown and 30 Park Place (2016); One West End (2017); and 3 World Trade Center (2018). For further information on Silverstein Properties, please visit www.silversteinproperties.com or www.wtc.com.
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