Louis Rudinsky famously gave his children the edict to never sell their prized real estate. Of course, most real estate rules have an exception for taxes.
The Rudin family, which rarely sells its assets, has now put a second Lower Manhattan office tower up for sale. And sources say the family is looking to sell the properties for estate planning purposes following the death of Jack Rudin in 2016.
The Rudins have put the 21-story office tower at One Whitehall Street up for sale with an asking price of $200 million, sources told The Real Deal.
Trading-card maker the Topps Company is the largest tenant at the 387,000-square-foot building, which is being pitched as a value-add investment opportunity. Marketing materials show Cushman & Wakefield’s Doug Harmon & Adam Spies have the listing, news of which was first reported by Real Estate Alert.
A representative for Rudin Management declined to comment. But company CEO Bill Rudin, 64, said during a panel discussion last April on real estate dynasties that the Rudins have a large extended family – many of whom are not directly involved in the real estate business.
“When we have a big decision to make related to a certain building, we get on the phone or have a meeting and communicate with them and try to keep as cohesive as possible,” he said, noting that in addition to the real estate business, the Rudins also have several family foundations that need to be taken care of. “I think there’s a general appreciation from the family members who are not in the business and who are doing what they’re doing in terms of us running the business.”
The are approximately 30 family members across three generations who have ownership interests in the family properties, according to Forbes.
Bill Rudin runs the fourth-generation firm with his cousin, company president Eric Rudin. Bill’s two children, Michael and Samantha Rudin, serve as senior vice presidents in the family company, which has about 10 million square feet of office space and 20 luxury apartment buildings in the New York City area.