The Real Deal New York

Bill Rudin explains Lower Manhattan’s appeal: VIDEO

Developer sees wave of Americans seeking "urban experience"

September 30, 2014 10:30AM

Real estate giant Bill Rudin said demand is strong for condominiums at the Greenwich Lane residence his family is co-developing, and while he thinks the product is unique, he also sees a broader wave of people relocating to Lower Manhattan.

“There’s a broader trend in terms of urbanism. You’re seeing people coming into New York City, wanting to work in New York City and live in New York City,” Rudin told Bloomberg TV.  “It’s a huge trend that people want that urban experience.”

Rudin also called on the U.S. House of Representatives to renew the Terrorism Risk Insurance Act, a federal program that provides a financial backstop for building insurers. Should Congress fail to extend the program, he said, it will lead to a slowdown in the economy and investments. Insiders worry that the cost of insuring commercial properties will skyrocket and builders will pay higher premiums if the program expires.

Also in the realm of politics, Rudin expressed his support for bringing the Democratic National Convention to Brooklyn.

Brooklyn is definitely ready. New York is ready,” said Rudin, who is on the mayor’s host committee for the event. “We’ve proven time and time again we can host these types of large events.” [Bloomberg TV] – Tom DiChristopher

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