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Sol Goldman

Sol Goldman
Born
Usher Selig Goldman

(1917-09-02)September 2, 1917
Brooklyn, New York, US
DiedOctober 18, 1987(1987-10-18) (aged 70)
Manhattan, New York, US
NationalityAmerican
Occupationreal estate owner
Net worth$1.0 billion (at time of death) SolLil estimated to be worth $15 billion
Spouse(s)
Lillian Schuman (1922–2002) (m. 1940)
[1]
ChildrenAllan H. Goldman
Diane Goldman Kemper
Amy P. Goldman (b. 1954)
Jane Goldman
Parent(s)Fannie Selig Goldman
Charles Goldman

Sol Goldman (born Usher Selig Goldman, September 2, 1917 – October 18, 1987) was an American real estate developer. Together with his partner, Alex DiLorenzo, Goldman became the biggest non-institutional real estate investor in New York City in the 1980s, ultimately owning a portfolio of nearly 1900 commercial and residential properties.[2]

Biography

Goldman was born to a Jewish family[3] in Brooklyn, the son of Fannie and Charles Goldman.[3] His father owned a grocery store. Goldman briefly attended Brooklyn College, before turning to real estate during the Great Depression.[4] At age 16, he purchased his first of many foreclosed properties by raising money from his neighbors.[5] In the 1950s, he partnered with Alex DiLorenzo Jr. Together they were very active purchasers through the 1950s and 1960s and their portfolio included the Chrysler Building which they bought in 1960.[5] Although the 1970s were difficult—he lost the Chrysler Building to foreclosure and his partner, DiLorenzo, died in 1975—Goldman continued to invest, purchasing more than 600 buildings in the subsequent years via his company Solil Management (named after Sol and his wife, Lil).[5] Goldman was known for holding onto his properties and rarely selling, preferring instead to sign tenants to long-term ground leases (typically 99 years) where the tenants pay an annual rent to Goldman but are responsible for taxes and upkeep of buildings on the properties.[5]

The Sol Goldman Pancreatic Cancer Research Center at Johns Hopkins University is named in his honor, following a gift of $10 million.[6]

Personal life

In 1941, he married Lillian Schuman,[3][4] who was also Jewish.[7] They had four children: Allan H. Goldman, Diane Goldman Kemper, Amy P. Goldman, and Jane Goldman.[2] Upon his death at the age of 70 in 1987, he owned New York's largest private real estate portfolio with more than 600 properties valued at $1 billion.[4] His wife and three daughters engaged in litigation over his assets with his wife eventually receiving 1/3rd of his estate.[4] His nephew, Lloyd Goldman, is also a notable real-estate investor in New York City.[8] His children, Allan Goldman and Jane Goldman manage the remaining real estate assets amounting to $6.0B via the firm Solil Management.[5]

References

  1. ^ "Lillian Goldman, 80, Yale Law School Donor and Advocate for Women's Education". New York Times. August 21, 2002.
  2. ^ a b "Sol Goldman, Major Real-Estate Investor, Dies". New York Times. October 19, 1987.
  3. ^ a b c New York Magazine: "The Midas Curse" by Dinitia Smith, p. 32, at Google Books April 3, 1989
  4. ^ a b c d Keil, Jennifer Gould (January 2, 2008). "Looking Back: Sol Goldman, a mogul surrounded by turmoil". The Real Deal.
  5. ^ a b c d e The Real Deal: "Sol Goldman's $6B portfolio in play, as children accelerate dealmaking" By Adam Pincus April 01, 2013
  6. ^ "Lillian & Sol Goldman", The Sol Goldman Pancreatic Cancer Research Center at Johns Hopkins
  7. ^ New York Times: "Paid Notice: Deaths GOLDMAN, LILLIAN" August 22, 2002
  8. ^ "Meet the Other Trade Center Builder". Wall Street Journal. September 11, 2008.

Further reading