Developer Adam Wolkoff buys
Larry Silverstein’s $9M Park Ave condo

Tony pad took a $4.3M haircut off original asking price

New York /
Jan.January 23, 2019 12:00 PM

Larry Silverstein and 500 Park Avenue (Credit: Getty Images and Google Maps)

What goes around, comes around. At least in the world of big name developers.

The buyer of Larry Silverstein’s condo at 500 Park Avenue has been revealed. The apartment sold for $9.3 to Adam Wolkoff, son of 5Pointz and Heartland developer Jerry Wolkoff, according to documents filed today.

News broke last week that Silverstein found a buyer for his Park Avenue home, and documents filed today show his wife Klara Silverstein sold the apartment below its original ask. After 33 years living at the building, the couple listed full-floor, five-bedroom condo unit for $13.9 million in December 2017.

30 Park Place

The couple is moving to 30 Park Place, a 82-floor Robert A.M. Stern-designed condo building developed by his firm Silverstein Properties, just blocks away from his downtown office.

Adam Wolkoff – who runs his family’s real estate firm alongside his father, Jerry Wolkoff – signed the deed papers for the 500 Park unit.

The buyer’s broker was Arlene Reed of Warburg.

Jerry Wolkoff is known for the controversial 5Pointz development in Long Island City, and his 15 years of work on the massive Heartland Town Square in Suffolk County.

Silverstein, the chairman of Silverstein Properties, has been involved in numerous high-profile developments, including at the World Trade Center site, where his firm developed 1 World Trade Center and 7 World Trade Center. He was also involved in a high-profile lawsuit over insurance tied to the Twin Towers.

Correction: A prior version of this report said  Larry Silverstein was the president and CEO of Silverstein Properties. He is actually the chairman. 


Related Articles

arrow_forward_ios
Silver Lining Ranch in Aspen (Redfin, Illustration by The Real Deal)
Aspen Mansion sells for a steep $69M
Aspen Mansion sells for a steep $69M
145 Reade Street (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Zillow)
Real estate investor lists Tribeca townhouse for first time in 20 years
Real estate investor lists Tribeca townhouse for first time in 20 years
Corcoran's David Mayer and Compass' Augusto Bittencourt (Corcoran, Compass, Getty)
Foreign investors shift real estate strategies as dollar strengthens
Foreign investors shift real estate strategies as dollar strengthens
Ron Burkle and 704 Broadway (Modlin Group, Hugoatyugo/CC BY-SA 3.0/via Wikimedia Commons)
Billionaire Ron Burkle selling Noho penthouse
Billionaire Ron Burkle selling Noho penthouse
Tim Foley (Anywhere, Getty Images)
Anywhere Real Estate’s Tim Foley resigns
Anywhere Real Estate’s Tim Foley resigns
(Illustration by The Real Deal with Getty)
Rising mortgage rates lock out homebuyers, trigger layoffs
Rising mortgage rates lock out homebuyers, trigger layoffs
United Kingdom Chancellor of the Exchequer Kwasi Kwarteng
Turmoil hits United Kingdom mortgage market
Turmoil hits United Kingdom mortgage market
 Lakeland Bank president Thomas Shara (Lakeland Bank, Illustration by The Real Deal with Getty)
In redlining case, New Jersey lender to pay $12M
In redlining case, New Jersey lender to pay $12M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...