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Sol Goldman (born Usher Selig Goldman, September 2, 1917 – October 18, 1987) was an American real estate investor and philanthropist. Goldman was the founder of Solil Management, a real estate investment firm he founded in the 1950s with his business partner, Alex DiLorenzo. Goldman was widely considered the most prominent non-institutional real estate investor in New York City in the 1970s and 1980s. At its peak in the 1970s, Goldman's portfolio consisted of nearly 1,900 commercial and residential properties, including the Chrysler Building.[2] At the time of his death in 1987, Goldman owned the largest private real estate portfolio in New York City with more than 600 properties, worth over $1 billion.[3]

Key Information

Early life

[edit]

Goldman was born in Brooklyn, New York and raised in a Jewish family, the son of Fannie and Charles Goldman.[4] His father owned a grocery store. Goldman briefly attended Brooklyn College, before turning to real estate during the Great Depression.[3] At age 16, he purchased his first of many foreclosed properties by raising money from his neighbors.[5]

Career

[edit]

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 DiLorenzo died in 1975[6]—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.[7] The Sol Goldman Pool at Red Hook Park was named for him in 1991 after a trust, set up following his death, donated $2 million to fund the operation of several public pools during a municipal budget shortfall.[8]

Personal life

[edit]

In 1941, he married Lillian Schuman,[4][3] who was also Jewish.[9] They had four children; Allan H. Goldman, Diane Goldman Kemper, Amy P. Goldman and Jane Goldman.[2] His wife and three daughters engaged in litigation over his assets with his wife eventually receiving 33% of his estate.[3] His nephew, Lloyd Goldman, is also a notable real-estate investor in New York City.[10]

References

[edit]

Further reading

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Sol Goldman

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Sol Goldman (1917–1987) was an American real estate investor and philanthropist renowned for building one of New York City's largest private real estate empires through Solil Management, the investment firm he founded in partnership with Alex DiLorenzo Jr.[1][2] Born in Brooklyn as the son of a grocer, Goldman left Brooklyn College in 1935 to manage his family's shop before entering real estate in the 1950s by purchasing foreclosed properties, including the iconic Chrysler Building in 1960—a holding he lost during the 1970s market crash but recovered from by emphasizing cash purchases and long-term retention.[2][1] By the mid-1980s, his portfolio encompassed nearly 600 properties valued in the hundreds of millions, making him New York City's largest private landlord at the time of his death on October 18, 1987, from a stroke.[1][2] A private figure despite his wealth—estimated at $450 million in 1985—Goldman married Lillian Schuman, with whom he had four children, and his legacy endures through the family's management of the portfolio, now comprising over 400 properties and valued at billions with a family net worth of $13.2 billion as of 2025, despite ongoing disputes among heirs, and the Sol Goldman Charitable Trust, established by his estate in 1988 to fund initiatives in health, education, the arts, the environment, and Jewish causes, including major support for pancreatic cancer research at Johns Hopkins University.[2][3][4][5][6]

Early life

Family background and childhood

Sol Goldman was born Usher Selig Goldman on September 2, 1917, in Brooklyn, New York, to Jewish immigrant parents Charles Goldman and Fannie Berson.[7] Charles, born in 1890 in Mezherichi, Ostroh, Rivne, Ukraine (then part of the Russian Empire), had immigrated to the United States, where he owned and operated a modest grocery store in Brooklyn, providing the family with a working-class livelihood.[7][2] Fannie, born in 1892, managed the household alongside her husband's business endeavors in the tight-knit immigrant community.[7] The family faced economic hardships during the Great Depression, living in modest circumstances that exposed young Sol to the challenges of small business operations and financial management from an early age.[3][8] Among siblings that included brothers Jacob, Joel, and sisters Gertrude and Mollie (with an infant brother Irving who died young), Sol took on responsibilities helping in the family grocery store during his childhood and teenage years, stocking shelves and assisting customers amid the era's widespread poverty.[7][1] This early immersion in retail instilled in him a practical understanding of commerce and resilience, shaping his future entrepreneurial path.[2]

Education and early influences

Sol Goldman briefly attended Brooklyn College in the mid-1930s, dropping out after a matter of months in 1935 to help run his father's grocery store amid the severe economic challenges of the Great Depression.[1][2] The family's grocery operations provided hands-on exposure to commerce, instilling foundational lessons in inventory management and customer relations during a time of widespread scarcity.[1] Goldman's early business mindset was profoundly shaped by the Great Depression, an era that highlighted the virtues of frugality and prudent risk evaluation as families like his navigated survival through careful resource allocation and opportunistic adaptations.[2][5]

Business career

Initial ventures in retail and finance

After dropping out of Brooklyn College in 1935, Sol Goldman took over the management of his father's struggling grocery store in Brooklyn, using $5,000 saved from his bar mitzvah and neighborhood odd jobs to purchase and revitalize the business, which he turned profitable.[9] This marked his initial foray into retail operations during the Great Depression, where he honed practical business skills amid economic hardship.[2] Goldman's exposure to finance during his brief college studies sparked a self-taught interest in investments, leading him to pivot toward real estate in the late 1930s. At age 16, he began acquiring foreclosed Brooklyn properties for as little as $500 in cash, raising initial capital by soliciting $50 contributions from local residents and misrepresenting his age to bypass mortgage restrictions.[10] These early deals involved quick assessments and flips, treating properties like stock trades to generate modest profits and build a small portfolio of commercial storefronts.[11] By the late 1940s, Goldman had shifted focus more fully to financial opportunities in real estate, forming informal investment arrangements for additional Brooklyn acquisitions, including a notable 1948 purchase and resale of a single storefront that yielded approximately 20% return.[12] This period solidified his transition from retail management to finance-oriented property dealings, laying the groundwork for larger-scale endeavors without formal banking roles.[2]

Partnership with Alex DiLorenzo and empire expansion

Sol Goldman and Alex DiLorenzo Jr., boyhood friends from Brooklyn, formed a 50-50 partnership in 1951 after DiLorenzo, newly admitted to the bar, joined Goldman in real estate ventures following Goldman's early solo acquisitions of foreclosed properties.[13][14] Their collaboration shifted focus to undervalued commercial and residential properties, leveraging Goldman's prior experience in finance and DiLorenzo's family banking connections for initial funding.[14][2] The partners' first joint purchase was a 600-unit apartment building in Brooklyn in 1951, financed through a combination of cash reserves and seller financing to capitalize on post-war market opportunities.[13] This deal set the stage for creative leveraging, including bank loans from DiLorenzo's family network and strategic mortgages, allowing them to pursue distressed assets without overextending personal capital.[14] By 1952, they had expanded into similar acquisitions, emphasizing speed in negotiations to secure properties before competitors.[13] Throughout the 1950s and 1960s, the partnership rapidly scaled from local Brooklyn holdings to citywide dominance, acquiring hundreds of properties across New York City's boroughs, including warehouses, retail spaces, and office buildings in Manhattan starting around 1955.[14][15] They targeted over 400 parcels in total by the mid-1960s, often making all-cash offers to distressed sellers amid economic shifts, which enabled quick closings—sometimes up to five deals per day.[13] Key examples included the 1960 purchase of the Chrysler Building for approximately $42 million, financed via a substantial mortgage, marking their entry into high-profile Manhattan assets.[14][2] Central to their growth were tactics of property rehabilitation—upgrading aging structures to attract tenants—and securing long-term leases with stable occupants, such as hotels and commercial firms, to generate steady income.[13][14] This approach transformed undervalued acquisitions into revenue-producing assets, building a portfolio grossing at least $200 million by 1965 and establishing the duo as quiet giants in New York real estate.[13]

Key real estate strategies and major acquisitions

Sol Goldman's real estate strategies centered on opportunistic acquisitions during economic downturns, particularly capitalizing on the 1970s recession when property values plummeted and many owners defaulted on taxes. He targeted distressed assets, including tax-delinquent buildings, where low interest rates on overdue payments allowed for affordable entry points and long-term appreciation potential. This approach, honed from his early purchases of foreclosed properties in the 1930s, enabled him to acquire undervalued assets at fractions of their worth, such as buildings sold for $2,000 that were valued at $20,000, often with minimal down payments.[16][12] To manage risk and optimize tax efficiency, Goldman employed a network of separate investment entities, including partnerships and corporations, to hold individual properties and isolate liabilities. This structure facilitated rapid expansion without overexposing any single holding, culminating in a portfolio of over 400 buildings by 1976, assessed at $450 million, and nearly 600 properties by the mid-1980s. His partnership with Alex DiLorenzo provided the operational foundation for scaling these acquisitions across New York City.[17][1] Among his standout deals was the 1960 purchase of the Chrysler Building from William Zeckendorf's interests for $42 million, in partnership with DiLorenzo, which became a flagship asset symbolizing his ambition in Midtown Manhattan office towers—though it was lost to foreclosure in 1975 amid the recession. Other major acquisitions included the iconic Stanhope Hotel on Fifth Avenue and various Midtown properties, contributing to his control of significant commercial real estate during the era.[1][18] Goldman diversified beyond Manhattan commercial holdings into residential and industrial properties, emphasizing higher-yield opportunities in the outer boroughs like Brooklyn, where he initially built his fortune through run-down tenements. This strategy balanced his portfolio, with over 100 properties in the outer boroughs by the late 20th century, generating stable rental income from a mix of apartment buildings and light industrial spaces.[19][18]

Founding and leadership of Solil Management

Solil Management was established by Sol Goldman in the 1950s as a holding company to oversee the real estate assets accumulated through his partnership with Alex DiLorenzo Jr., beginning with their first joint acquisition of a 600-unit apartment building in Brooklyn in 1951, purchased for $1,250,000.[20][14] The firm's name derives from a combination of Goldman's first name and the nickname of his wife, Lillian.[9] Under Goldman's direction, Solil Management quickly expanded to handle a burgeoning portfolio, which by 1976 encompassed over 400 buildings, making it the largest private landlord in New York City at the time.[1] As CEO, Sol Goldman provided hands-on leadership, focusing on streamlined operations that prioritized long-term ownership and income generation over development or frequent sales. He maintained a low-overhead structure, reinvesting rental revenues back into property preservation and acquisitions to sustain growth amid economic fluctuations, such as the high-inflation 1970s.[2] By the 1980s, the firm operated from offices in Manhattan and managed nearly 600 properties valued in the hundreds of millions, exemplified by high-profile assets like the Chrysler Building, which the partnership acquired in 1960.[1][18] Alex DiLorenzo Jr. complemented Goldman's operational oversight by spearheading deal sourcing and negotiations during their partnership's formative years. Following DiLorenzo's death from a heart attack in 1975, Goldman assumed sole control of Solil Management, navigating the dissolution of the joint holdings—divided through a series of coin flips with DiLorenzo's heirs—and steering the firm through financial challenges, including foreclosures on key assets.[20][14] This period solidified Goldman's reputation as a resilient and strategic manager, preserving the empire's core until his own passing in 1987.[1]

Personal life

Marriage and immediate family

Sol Goldman married Lillian Schuman in 1941, when she was 19 years old and he was 23; the couple, both from Jewish families in New York, formed a partnership that lasted over four decades despite a separation in 1983.[21][22] Lillian played a key role in encouraging Sol to leave his family's grocery business in Brooklyn and pursue real estate full-time, providing early support for his entrepreneurial shift.[23] Their marriage produced four children: Allan H. Goldman, born in 1943; Diane Goldman Kemper; Amy P. Goldman Fowler; and Jane Goldman, born around 1956.[1][2] The children grew up with exposure to their father's burgeoning real estate ventures but pursued largely independent paths, with Allan and Jane later taking active roles in managing the family business while Diane and Amy focused more on personal and philanthropic endeavors.[2][24] The Goldmans maintained a low-profile lifestyle amid their growing fortune, initially residing in modest circumstances in Brooklyn during the early years of marriage and business expansion before relocating to a suite at the Waldorf-Astoria in Manhattan by the mid-20th century.[25][2] This emphasis on privacy persisted, shielding the family from public scrutiny even as Sol's portfolio became one of New York City's largest private holdings.[2] Lillian served as the family's anchor, managing household affairs and offering occasional guidance on aesthetic aspects of their properties, while prioritizing education and stability for their children.[22][23] Her influence extended to fostering a sense of continuity, which helped sustain family unity during Sol's intense business pursuits.[26]

Health issues and death

In 1987, Sol Goldman underwent hip surgery two months prior to his death and had a history of kidney problems requiring dialysis treatment since at least 1983.[1][27] Goldman died on October 18, 1987, at the age of 70, at Lenox Hill Hospital in New York City.[1] His family provided support during his final illness. His funeral was held privately two days later at Temple Emanu-El in Manhattan, attended by close family members and select business associates.[1] Prior to his death, Goldman had engaged in extensive estate planning, establishing trusts for his four children and designating his son Allan Goldman and daughter Jane Goldman as co-executors of his will.[27] These arrangements aimed to manage his vast holdings, including provisions for his estranged wife Lillian Goldman.[25] Contemporary obituaries in major publications portrayed Goldman as one of New York City's most prominent real estate figures, noting his $1 billion fortune and status as the city's largest private landlord with ownership of nearly 600 properties.[1][17][27][24]

Philanthropy and legacy

Charitable contributions and foundations

The Goldman family maintained a low-profile approach to philanthropy, focusing on health, education, and Jewish organizations without public fanfare.[3][15] Following Goldman's death in 1987, the Sol Goldman Charitable Trust was established in 1988 as an independent family foundation in New York City, continuing and expanding his philanthropic legacy.[3] The trust focuses primarily on Jewish organizations, health-related programs, and educational institutions, while also supporting arts, environmental efforts, and human services, with a particular emphasis on New York-based initiatives.[28] Notable grants from the trust include a $10 million endowment in 2005 to create the Sol Goldman Pancreatic Cancer Research Center at Johns Hopkins University, one of the largest single gifts to a pathology department at the time, which has funded extensive research across multiple disciplines.[29][3] This center exemplifies the trust's dedication to advancing medical research in critical areas.[3] Goldman's giving philosophy emphasized discreet, impactful support rather than seeking recognition, often channeling resources through family-led entities to sustain long-term community benefits funded by his real estate success.[15] The trust has since distributed millions annually to preselected organizations, maintaining the family's tradition of targeted, effective philanthropy without accepting unsolicited proposals.[30]

Posthumous family disputes and estate management

Following Sol Goldman's death in 1987, his will divided the estate, valued at approximately $1 billion at the time, equally among his four children—Allan, Amy, Diane, and Jane—through trusts managed by Solil Management, with the intention of preserving the real estate holdings intact for future generations.[24][25] The will provided Lillian Goldman, Sol's wife, with a one-third interest in trust for income purposes but not outright ownership, contradicting a prior 1983 separation agreement that entitled her to a direct share.[24][27] In 1989, Lillian filed a lawsuit against the children, seeking enforcement of the separation agreement for an outright one-third share of the estate, which the children contested in an effort to limit her involvement and protect the empire's unity.[25][31] The dispute was settled later that year, reallocating approximately half of the estate to Lillian outright, while the remaining assets were divided equally among the children, an outcome that sowed initial tensions among the siblings over control and distribution.[24][9] Upon Lillian's death in 2002, her portion was subdivided equally among the four children, further complicating the ownership structure.[9] Tensions escalated in 2024 following the 2022 death of Allan Goldman, prompting multiple lawsuits among the siblings and Allan's son, Steven Gurney-Goldman, over issues including property sales, management fees at Solil Management, and asset appraisals.[32][24] For instance, Amy Goldman Fowler and Steven sued Jane Goldman and Diane Goldman Kemper in New York and Delaware courts, alleging mismanagement and seeking their removal as executors of Lillian's still-unsettled estate, valued at over $1.7 billion in total family assets including trusts.[32][5] These actions highlighted disputes over Jane's dominant role in Solil Management and decisions like withholding $100 million in liquid assets.[32] The overall family empire is now estimated at $4 billion to $16 billion.[24] Delaware Chancery Court intervened in key cases, such as Gurney-Goldman v. Goldman (2024), ruling that Allan's estate, represented by Steven as executor, holds an assignee interest in entities like SG Windsor LLC but can exercise limited member governance rights solely for estate administration under 6 Del. C. § 18-705, requiring majority approval for major decisions in the member-managed structure.[33][34] This decision prevented unilateral control by Jane and affirmed the need for consent among heirs.[33] As of 2025, the disputes remain unresolved, with ongoing appeals and fragmented control across trusts and LLCs, leading to protracted litigation in multiple jurisdictions.[32][35]

Influence on New York City real estate

Sol Goldman's investment approach in New York City real estate exemplified a private equity-style strategy, emphasizing the acquisition of distressed and foreclosed properties for long-term value appreciation rather than short-term flips. Beginning in the 1950s, he and his partner Alex DiLorenzo focused on cash purchases to minimize debt exposure, particularly after the 1973-1974 market crash, which allowed them to rebuild their portfolio debt-free while avoiding the leverage pitfalls that plagued many contemporaries.[2][1] This model of opportunistic buying and holding influenced subsequent non-institutional investors and family offices, demonstrating how private entities could scale empires without institutional backing or public market involvement, in contrast to the emerging REIT structures of the era.[2] Through ownership of over 400 buildings by the mid-1970s—expanding to nearly 600 by the 1980s—Goldman contributed to the preservation of historic structures via strategic management and adaptive reuse, notably including the iconic Chrysler Building acquired in 1960. His portfolio's emphasis on maintaining landmark properties amid economic volatility helped sustain Midtown Manhattan's architectural heritage during the city's 1980s revitalization, when adaptive conversions supported mixed-use developments that blended commercial viability with historical integrity.[1][2] Goldman's holdings played a key role in stabilizing New York City's property market during the 1970s fiscal crisis, providing essential affordable office and residential space when public and institutional investment faltered. As the city's largest private landlord by 1976, with assets valued at $450 million, his empire offered continuity for tenants and businesses, underpinning economic recovery by accommodating thousands of jobs in commercial spaces across Manhattan and Brooklyn despite widespread defaults and foreclosures.[1][17] Posthumously, Goldman's legacy was honored through the 1991 renaming of the Red Hook Recreation Center pool in Brooklyn as the Sol Goldman Pool, recognizing his donation to prevent its closure and preserve public access to this WPA-era landmark. His enduring model continues under family management via Solil Management, which has grown the portfolio sixteenfold since 1991, reinforcing his blueprint for private real estate dominance in New York.[11][2]

References

  1. Sol Goldman, Major Real-Estate Investor, Dies - The New York Times
  2. America's Richest Real Estate Family Doesn't Want You To ... - Forbes
  3. The Sol Goldman Pancreatic Cancer Research Center
  4. Sol Goldman Charitable Trust - Inside Philanthropy
  5. Charles Goldman (1890–1974) • FamilySearch
  6. now I'm the only female billionaire in real estate, worth $2.1billion
  7. Heirs to NYC real estate dynasty escalate legal battle over $1.7B ...
  8. Jane Goldman Sued in New Solil Management Dispute - Curbed
  9. Looking Back: Sol Goldman, a mogul surrounded by turmoil
  10. Who was Sol Goldman, anyway? An introduction to Red Hook's Rec ...
  11. INVESTOR FOR 50 YEARS TURNS TO DEVELOPMENT
  12. Real Estate: Quiet Giants - Time Magazine
  13. The Goldman‐DiLorenzo Empire And the Toss of a Coin
  14. The Goldman Siblings: How a Billionaire Real Estate Family Gives
  15. New York's Big Landlord Is Feeling Financial Pinch
  16. Sol Goldman; Owner of 400 N.Y. Buildings - Los Angeles Times
  17. Estate of Sol Goldman | Solil Management Corp - The Real Deal
  18. Goldman | Real estate families of New York
  19. Alex DiLorenzo Jr. Dies; Leader in Real Estate, 58 - The New York ...
  20. Sol Goldman Family History & Historical Records - MyHeritage
  21. Lillian Goldman, 80, Yale Law School Donor and Advocate for ...
  22. Lillian Goldman, 80; Philanthropist Pushed for Women's Education
  23. Inside the family feud of the multibillion-dollar Sol Goldman empire
  24. Heirs of Sol Goldman Battle Over Estate - The New York Times
  25. Real Estate Elites (Life and Legacy of Sol Goldman)
  26. Heirs Battle Over $1-Billion Estate in New York - Los Angeles Times
  27. Paid Notice: Deaths GOLDMAN, LILLIAN - The New York Times
  28. The Brooklyn College Foundation
  29. The Sol Goldman Charitable Trust | Foundation Directory - Candid
  30. [PDF] ARCHITECTSNEWSPAPER 04 03.07.2007 - US Modernist
  31. Sol Goldman Charitable Trust - Grantmakers.io Profile
  32. Widow battling children over estate: I love them but don't like them
  33. NYC Property Heirs Battle Over More Than $1.7 Billion in Assets
  34. [PDF] in the court of chancery of the state of delaware
  35. First Impression Chancery Decision Rules on Estate's Exercise of ...
  36. Jane Goldman Appeals Delaware Trial Decision - The Real Deal
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