The Real Deal New York

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

Tony pad took a $4.3M haircut off original asking price
By Decca Muldowney | January 23, 2019 12:00PM

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.