Sheldon Solow facts for kids
Quick facts for kids
Sheldon Solow
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| Born | July 20, 1928 New York City, U.S.
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| Died | November 17, 2020 (aged 92) New York City, U.S.
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| Occupation | Property developer |
| Spouse(s) |
Mia Fonssagrives
(m. 1972) |
| Children | 2, including Stefan Soloviev |
Sheldon Henry Solow (born July 20, 1928 – died November 17, 2020) was an American real estate developer and art collector. He was known for building many important buildings in New York City. In 2020, he was a very wealthy person, with a net worth of $4.4 billion.
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Sheldon Solow's Early Life
Sheldon Solow was born and grew up in Brooklyn, a part of New York City. His family was Jewish. His father, Isaac, was a bricklayer, and his mother, Jennie Brill, was a homemaker. Sheldon went to New York University to study engineering and architecture, but he left college in 1949.
Building a Career in Real Estate
Sheldon Solow bought his first property in 1950. It was an apartment building with 72 homes in Far Rockaway, Queens. He got a special loan that his father helped arrange. After that, he built a shopping center and homes on Long Island.
In 1962, he opened an office on Park Avenue in Manhattan. Around this time, he started building fancy apartments on the Upper East Side of Manhattan.
Developing 57th Street
Starting in 1965, Solow began buying land on 57th Street. He wanted to build a very tall building there. To make sure he could buy all the land he needed, he bought properties secretly. He used a company registered in his sister's name. In total, he bought 14 buildings, covering a large area, for $12 million.
In the 1970s, Solow got the money he needed. He worked with a famous architect named Gordon Bunshaft. Together, they built a 50-story office building at 9 West 57th Street.
This building has a famous red sculpture of the number "9" by Ivan Chermayeff near its main entrance. The building offers amazing views of Central Park. Because of these views, it remained a very popular place for businesses for many years.
Building Along the East River
In the early 2000s, Solow bought more land along the East River. This included a large 9-acre area near the United Nations headquarters. He bought this land for $600 million in 2000.
In 2016, he started building on this site, which is at 685 First Avenue. He planned a 42-story apartment building designed by Richard Meier. This big project was finished in 2018.
Legal Challenges in Business
Sheldon Solow was involved in many lawsuits during his life. One magazine reported in 2008 that he had been part of "over 200" lawsuits.
For example, in 1975, he sued a company called Avon Products. Avon was a tenant in his 9 West 57th Street building and called it the "Avon Building." Solow didn't like this. The case was first dismissed, but he sued them again later. This time, he said they didn't return the building to its original state when their lease ended. They settled the case, and Avon paid Solow $6.2 million.
He also had a major financial problem related to a loan from Citibank. During a tough economic time in 2008, the value of some of his investments dropped. Citibank took his investments and sued him for more money. Solow tried to sue Citibank back, but the court ruled in favor of Citibank in 2019.
Sheldon Solow's Family and Art Collection
Sheldon Solow was married to Mia Fonssagrives-Solow. She is a sculptor and jewelry designer. Her mother, Lisa Fonssagrives, was a famous Swedish model. Sheldon and Mia had two children and lived in New York City.
His son, Stefan Soloviev, now runs the Solow Building Company. Stefan also manages a large farming business called Crossroads Agriculture. He is one of the biggest landowners in the United States.
A Passion for Art
Sheldon Solow was a huge collector of modern and Renaissance art. He owned famous paintings like Young Man holding a Medallion by Sandro Botticelli. He also had works by artists such as Balthus, Henri Matisse, Franz Kline, and sculptures by Alberto Giacometti.
He sometimes sold pieces from his collection. In 2012, he sold a Francis Bacon painting for $33.5 million. In 2015, he sold Giacometti's sculpture L'homme au doigt for $126.1 million. This set a world record for the most expensive sculpture ever sold at that time.
Solow had a special status for his art collection that helped him with taxes. However, he did not allow the public to see his collection. In 2018, he arranged for his son, Stefan, to take over the Solow Art and Architecture Foundation. This allowed control of the art collection to pass to his son.
Sheldon Solow's Passing
Sheldon Solow passed away from lymphoma, a type of cancer, on November 17, 2020. He was 92 years old and died at Weill Cornell Medical Center in New York City.
See also
In Spanish: Sheldon Solow para niños
