Silverstein & Kulczyk team up

♂

Dec 9, 11, 21:03 #1

Larry Silverstein, after more than five decades of investing almost entirely in New York City real estate, is making his first foray abroad in Poland, one of Europe’s most in-demand property markets.

The developer of office towers at Manhattan’s World Trade Center site has teamed with Jan Kulczyk, Poland’s richest man, on a 500 million-euro ($666 million) venture to buy and develop properties, beginning in Kulczyk’s home country. They made their first purchase, an eight-story Warsaw office building, in August, and are working on plans to add towers to the Polish capital’s skyline.

Kulczyk has “done everything, but one thing he hasn’t done much of is real estate development,” Silverstein, 80, said in an interview. “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.”
In the 12 months ended Oct. 31, foreign investors poured $3.4 billion into Polish commercial properties, compared with $1.6 into Russia’s.
The partners plan to spend about 500 million euros of their own money over the next five to seven years to invest mainly in office properties, according to Krawczynski. They’re aiming to invest about 1 billion euros, or $1.33 billion, including debt, he said. http://www.businessweek.com/news/2011-12-09/silverstein-links-with-pol and-s-richest-man-in-real-estate.html

SeanusThreads: 22 Posts: 30,158 Joined: Dec 25, 07 ♂	Dec 9, 11, 21:07 #2
I see how Kulczyk lacks scruples. Businessmen often know no national identity. Silverstein is a crook who orchestrated a heist by bringing down WTC 7 and he profitted handsomely. It speaks volumes of JK how he'd associate with a snake like that grubby old man. Pitiful!

♂

Dec 9, 11, 21:14 #3

Seanus:

see how Kulczyk lacks scruples. Businessmen often know no national identity. Silverstein is a crook who orchestrated a heist by bringing down WTC 7 and he profitted handsomely. It speaks volumes of JK how he'd associate with a snake like that grubby old man.

Hmm, I don't think Kulczyk is stupid enough to let himself get cheated. Plus Silverstein was able to pull that off in New York his hub, but it wouldn't work in Poland. Maybe he simply sees Poland as a place which will prosper in the future and is worth investing in.

SeanusThreads: 22 Posts: 30,158 Joined: Dec 25, 07 ♂	Dec 9, 11, 21:20 #4
Perhaps, Penn, perhaps. I just feel that the little worm is out for a quick buck. His sort are not welcome in Poland! Grubby little toad of a man!

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