Sheldon Solow

Sheldon Henry Solow (born July 20, 1928) is an American billionaire real estate developer in New York.[2][3] As of August 2020, Solow has a net worth of $4.4 billion.[1]

Sheldon Solow
Born (1928-07-20) July 20, 1928
Brooklyn, New York, US
NationalityAmerican
EducationNew York University (dropped out)
OccupationProperty developer
Known forSolow Residential
Net worthUS$4.4 billion (August 2020)[1]
Spouse(s)Mia Fonssagrives
Children2, including Stefan Soloviev
Websitewww.solowresidential.com

Early life

Solow was born and raised in a Jewish family[4][5] in Brooklyn.[2] His parents were Isaac, a bricklayer, and Jennie Brill, a homemaker. He attended New York University.[1]

Career

In the 1970s, Solow obtained financing,[2] and after buying out each of the many townhouses in that spot before, in collaboration with architect Gordon Bunshaft, Solow built a 50-story office building at 9 West 57th Street. As of 2017, the building is still considered a desirable location because of its unobstructed views of Central Park.[6] It houses KKR, Apollo Global Management, Tiger Global Management and Chanel.[7]

Solow had the largest individual loss from the Libor scandal in the U.S., estimated at half a billion dollars. After taking out a loan from Citibank to purchase the Consolidated Edison parcels along the East River to develop a seven-building, $4 billion project, Solow put more than $450 million in high-grade municipal bonds as collateral. However, during the economic downturn of 2008, Citi artificially inflated the Libor rates. This sunk the value of Solow's bond portfolio. On technicality, Solow defaulted on his loan, which allowed Citi to seize and sell Solow's bonds and sue Solow for the value gap of $100 million, a case Citi Bank won. In 2012, Solow attempted to sue Citi on the basis of securities fraud, but the case was dismissed. In 2013, Solow sued again, this time, over Libor.[8] As of April 2019, the New York Federal Judge ruled in favor of Citi Bank and the Libor lawsuit will not be revived.[9]

Personal life

Solow is married to sculptor and jewelry designer Mia Fonssagrives,[10] the daughter of Lisa Fonssagrives, a Swedish model and the French photographer, Fernand Fonssagrives.[11][12] They have two children and live in New York City.[1] His son, Stefan Soloviev, now runs Solow Building Co. alongside his father and is in line to take over.[13] He also runs an agriculture conglomerate called Crossroads Agriculture based in Colorado and New Mexico. He is ranked the 54th largest landowner in the United States.[1]

Solow is an extensive collector of modernist and renaissance art. Solow owns Young Man Holding a Medallion by Botticelli as well as paintings by Balthus, Henri Matisse, and Franz Kline; and sculptures by Alberto Giacometti.[2] In February 2012, he sold a Francis Bacon painting for $33.5 million, a Joan Miró painting for $26.6 million, a Henry Moore sculpture for $30.1 million; and in February 2013, he sold an Amedeo Modigliani painting for $42.1 million.[2] In May 2015 Solow sold Giacometti's 1947 sculpture L'homme au doigt for $126.1 million, setting a world record for the most expensive sculpture ever sold.[14] Though Solow derives significant tax benefit from the collection's 501(c)3 non-profit status, he provides no public access.[15][16] In 2018, Solow arranged for his son to lead the Solow Art and Architecture Foundation, effectively passing control of the collection from Sheldon to Stefan without any estate tax.[16][15]

gollark: Hold on while I checkinate.
gollark: I mean, give or take a few columns.
gollark: Gibsøn, that's literally what I have now.
gollark: I don't know how to structure this neatly and simply.
gollark: Diffs and stuff would be complicated, and honestly that does not solve my problem?

References
  1. "Forbes profile: Sheldon Solow". Forbes. Retrieved 13 August 2020.
  2. Jewish Business News: "Time Waits For No Man : Not Even Sheldon Solow" by Clive Minchom August 23, 2013
  3. New York Times: "Empire Built by Developer Shows Signs of Distress" by Charles V. Bagli March 31, 2010
  4. Forbes Israel: Jewish Billionaires – Profile of Sheldon Solow April 4, 2013 (in Hebrew)
  5. The Real Deal: "New York City real estate bigwigs rank among world’s richest Jewish people" November 11, 2013
  6. Bagli, Charles V. (August 19, 2013). "Prime Lot, Empty for Years (Yes, This Is Manhattan)". The New York Times. Retrieved August 25, 2013.
  7. "Sheldon Solow". Forbes. Retrieved 2020-07-22.
  8. Carlyle, Erin. "Why Billionaire Sheldon Solow's $450 Million Libor Case Is Likely To Be Followed By More". Forbes. Retrieved 2020-07-22.
  9. "2nd Circ. Won't Revive Real Estate Mogul's $100M Libor Suit - Law360". www.law360.com. Retrieved 2020-07-22.
  10. New York Times: "BOLDFACE NAMES" By James Barron October 10, 2001
  11. Mia Fonssagrives Solow website retrieved February 25, 2015
  12. New York Times: "Vicky Tiel’s 40-Year Career in Fashion" By CHRISTOPHER PETKANAS August 19, 2011
  13. "Sheldon Solow". Forbes. Retrieved 2020-07-22.
  14. Katya Kazakina (26 April 2016). "Deal of the Art: Why Auction Houses Are Giving Away Millions". Bloomberg. Retrieved 26 April 2016.
  15. Rubin, Erin (April 25, 2018). "A Nonprofit Museum with No Public Access: A Showy Extravagance with a Tax Exemption". Non Profit Quarterly. Retrieved April 25, 2018.
  16. Anuta, Joe (April 23, 2018). "Developer's museum off-limits to the public". Retrieved April 23, 2018.
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