Rudin Management CEO Bill Rudin was on CNBC’s “Squawk Box” this morning, discussing the trends driving the New York City real estate market and providing an update on his firm’s Greenwich Lane condo development in Greenwich Village.
“It’s the trend of urbanism, it’s people coming back [to the city], it’s companies following where employees are,” Rudin said of the factors that have made real estate in New York such a lucrative proposition. “That’s driving the whole market, whether it’s residential or commercial.”
Rudin also provided an update on the Greenwich Lane, his firm’s residential convertion of the former St. Vincent’s Hospital in Greenwich Village, noting that the luxury condo market isn’t all about drawing wealthy foreign buyers.
As Rudin mentioned in a panel discussion at New York University’s Capital Markets in Real Estate conference last week, “70 percent of our buyers [at the Greenwich Lane] are New Yorkers, another 20 percent are from the United States and only 10 percent are foreign buyers.”
He added that the development is already around 90 percent sold, with “about 15 apartments left.”
See the entire clip – which also features Rudin’s thoughts on the high-end, ultra-luxury condo market’s prospects moving forward – embedded above. [CNBC] – Rey Mashayekhi