Morris “Marty” Silverman, the businessman-turned-philanthropist who donated millions to charities and organizations in the Capital Region, including RPI, died on January 26 at the age of 93.
In 2001, Silverman donated $7 million toward one of the constellation research groups described in The Rensselaer Plan. He was a strong supporter of biotechnology research, and his grant funded and continues to fund studies in regenerative medicine and tissue engineering. His grant was matched by RPI in order to found the Noble Enterprise Constellation, which is still recruiting researchers from the field.
“It is imperative that we provide the resources to bring to life our vision for research excellence,” Silverman said. “Through the Noble Enterprise Constellation, world-class faculty and scientific researchers will find answers to great problems in human health and will bring international recognition to the Capital Region’s leadership in biotechnology.”
His commitment to biotechnology research did not end there. In 2000, Silverman established the Albany Medical Center Prize in Medicine and Biomedical Research. The largest medical research award in the United States, it awards $500,000 annually for accomplishments in the field. The only larger award in the world is the $1.3 million Nobel Prize.
His foundation also contributed to the University Heights Association in Albany, a consortium of Albany Medical College, Albany College of Pharmacy, Albany Law School, and the Sage Colleges, formed with the goal of creating a common campus in the city. He also helped fund a moot courtroom at Albany Law School, his alma mater.
Born in Troy, Silverman attended New York University and Albany Law School, and ran his own gas station in Troy to help pay tuition. After graduating in 1936, he worked with the Legal Aid Society in Albany before moving to New York City with his wife to become a businessman. When World War II broke out, he joined the Army and rose to the rank of major, earning two Purple Hearts during the war.
After the war, he started an equipment leasing business that became the largest privately held leasing company in the country before he sold it in 1984. Silverman’s foundation, named for him and his wife Dorothy, who died in 1985, was started with the money he earned from selling his equipment leasing business. The $40 million investment grew to over $300 million and supported the gifts he is now famous for, both in Albany and around the nation.
