After more than 50 years of investing almost entirely within the confines of New York City, Larry Silverstein has signed on to a $666 million venture to buy and develop properties in Poland, Bloomberg News reported.
The developer of new towers at the World Trade Center site has teamed up with Poland’s richest man, Jan Kulczyk, for the project. The duo made their joint purchase in August, buying an eight-story Warsaw office building, Bloomberg said, and is currently in talks to build several new towers in the Polish city.
Kulczyk has “done everything, but one thing he hasn’t done much of is real estate development,” Silverstein said. “It took a little while to understand his goals, and to make sure his goals coincided with ours. And, at the end of the day, they do.”
Poland is an appealing proposition because of its “very stable economy,” said Mickey Kupperman, Silverstein Properties’ COO. Warsaw “is perhaps on its way to being the financial capital of Eastern Europe, so we see great opportunity there.” [Bloomberg]