Summary List Placement
Sheldon Solow, a billionaire developer known for erecting eye-catching, luxury skyscrapers in Manhattan and for a fierce litigious streak with tenants, partners, and rivals, has died at the age of 92. The cause of death wasn’t immediately known.
Solow was a bold-faced name among a generation of New York City builders who amassed great fortunes raising office and residential towers beginning in the mid 20th-century, decades before commercial real-estate largely became the province of investment firms, pension funds, and public companies.
Solow’s death potentially leaves billions of dollars of high-profile assets in flux. And the market for such property is uncertain amid an economic downturn and a pandemic that could rewrite values for office and residential space in the city as tenants embrace remote work and residents have fled the city.
Stefan Soloviev, Solow’s 44-year-old son, had been increasingly involved in his father’s real-estate empire in recent years, but it remains unclear whether he will take the mantle of Solow Building Management, his family’s real-estate firm, or move to sell properties within its portfolio.
Soloviev, who uses the surname of Solow’s immigrant parents before it was Americanized, has spent his career largely outside of New York City real estate, amassing one of …read more
Source:: Businessinsider – Finance