The Real Deal New York

Brookfield’s Rudin sees opportunities in Lower Manhattan

August 02, 2011 01:51PM

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There are more opportunities than challenges in the current Lower
Manhattan real estate market, Mitch Rudin, the new president and CEO
of Brookfield’s U.S. commercial property holdings told GlobeSt.com.
Brookfield recently announced its $250 million redevelopment plan for
the World Financial Center. With $20 billion in public-private
investment in the area, Rudin said the neighborhood is changing beyond
just a hub for the Financial District, as the entertainment,
publishing (such as Conde Nast) and legal industry move in.
“If there is a decline in any particular industry, you are able to
position that by bringing in new,” he said. The area is now a “24-hour
environment,” he added, with its retail and residential growth, as he
noted that he thinks the World Financial Center “is going to be one
of the most exciting neighborhoods in the city.” [GlobeSt]

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