Behind the story:
Rudin Management’s CEO doesn’t believe the hype about the slowdown in Manhattan’s residential market, according to an interview with Fox Business Network.
Bill Rudin played down recent reports of falling prices in the third quarter of 2015, citing New York’s built-in attraction as well as “tremendous demand” for his own company’s new products.
Rudin said the 3 percent price drop reported earlier this week was merely due to “summer doldrums.” He suggested, in an interview on Fox Business, that the “trend towards urbanism, with young people wanting to come to New York” would continue to propel demand.
He cited examples close to him, such as Rudin’s Greenwich Lane project, which will include 199 condos in five buildings on 11th and 12th streets in the West Village. Rudin said the project was already 90 percent sold out, at prices averaging roughly $3,500 per square foot.