Lawrence Wien | |
|---|---|
| Born | Lawrence Arthur Wien May 30, 1905 New York City,New York, U.S. |
| Died | December 10, 1988(1988-12-10) (aged 83) Westport, Connecticut, U.S. |
| Education | Columbia University(AB,JD) |
| Occupation(s) | Attorney real estate investor |
| Known for | co-founder of Wien & Malkin |
| Spouse(s) | Mae Levy (until her death) Ruth Kupper |
| Children | 2 |
| Relatives | Peter L. Malkin (son-in-law) Matt Blumenthal (great grandson) |
Lawrence Arthur Wien (May 30, 1905 – December 10, 1988) was an Americanlawyer,philanthropist, andreal estate investor.[1] Wien pioneered the concept of real estate syndicates.[2]
Wien was born to aJewish family[3] in New York City. He had four siblings: Mortimer E. Wien, Sidney A. Wien, Leonard Wien, and Ms. Bernard T. Hein.[1] In 1925, Wien graduated with a B.A. fromColumbia College and in 1927, he graduated with a J.D. fromColumbia Law School.[1]
In 1928, he co-founded the law firm Wien Lane & Malkin now Wien and Malkin, which became a leading national law firm specializing in real estate law.[1] In 1931, he ventured into real estate and, along with three partners who invested $2,000 apiece, bought a small apartment house in Harlem.[1] In the 1930s, using his legal background, Wien pioneered the concept of real estate syndicates, making direct ownership of income property accessible to groups of individual investors for the first time.[2]
In 1958, his son-in-lawPeter L. Malkin became a partner in his law firm, which was renamed Wien,Lane & Malkin (now Wien and Malkin}.[4] His syndicates purchased, or controlled through long-term ground leases, many of New York City's most prominent landmarks, including theEmpire State Building (which he bought with partnerHarry Helmsley in 1961 fromHenry Crown), theEquitable Building, theGraybar Building, the Fisk Building, the Garment Centre Capitol Building, the Fifth Avenue Building, theLincoln Building as well as many prominent hotels including thePlaza Hotel, theTaft Hotel,Hotel St. Moritz, theLexington Hotel, and the Hotel Governor Clinton.[1][5]
Wien also participated in transactions in Newark, Palm Beach, Philadelphia, Los Angeles, Minneapolis, and Las Vegas.[1] From 1933 to 1935, he was an official of the City Fusion Party and worked to elect MayorFiorello La Guardia.[1] Wien & Malkin was renamed Malkin Holdings after the spinoff and IPO of Empire State Realty Trust (NYSE: ESRT), a publicly tradedreal estate investment trust.[6][7]
Wien was a major benefactor of the arts and education. In 1956, he commissioned the statue ofAssociate JusticeLouis Brandeis of theUnited States Supreme Court which sits on the campus ofBrandeis University. In 1958, he donated $8.5 million to Brandeis University to endow theWien International Scholarship which pays the tuition, room & board, and travel expenses for 50 foreign students per year. In 1959 he created a national scholarship atColumbia Law School; Wien contributed over $20 million during his life to his alma mater Columbia including $6 million for the construction of a new stadium at Baker Field, now known as theRobert K. Kraft Field at Lawrence A. Wien Stadium. In 1969, he donated $1.2 million to theLincoln Center for the Performing Arts where he served as vice chairman and a trustee for 20 years.[1]
From 1960 to 1963, Wien served as president of theFederation of Jewish Philanthropies. From 1964 to 1970, he served as trustee of Columbia University and in 1981, was awarded its Alexander Hamilton Medal, the highest honor given to an alumnus. From 1957 to 1984, Wien served as a Trustee of Brandeis University, and became its Chairman of the Board of Trustees.[1]
Wien was married twice. In 1929, he married Mae Levy; she died in 1986. They had two daughters: Enid W. Morse and Isabel W. Malkin.[1] In 1987, he married Ruth Kupper.[1] In 1988, Wien died ofprostate cancer at his home inWestport, Connecticut.[1] His granddaughter, Cynthia Allison Malkin, is married toRichard Blumenthal who was elected asUnited States Senator of Connecticut in 2011.[8]