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

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

TRD 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
From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high

40 East 72nd Street (Credit: Google Maps)

Nightmare on E. 72nd Street raises question: Are small condos risky?

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

Daily Digest Thursday

Worker killed at Lam Group construction site, Uber signs WTC lease: Daily digest

arrow_forward_ios