Rudins planning for family estate with rare building sales

Longtime owner have recently put two Lower Manhattan properties on the market

TRD New York /
May.May 15, 2019 02:30 PM
Bill Rudin and One Whitehall Street and 110 Wall Street

Bill Rudin and One Whitehall Street and 110 Wall Street

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.

And Rudin is also looking to sell the 27-story building a few blocks away at 110 Wall Street with an asking price of $160 million, as TRD first reported last week. Eastdil Secured has the listing.

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.


Related Articles

arrow_forward_ios
HelloFresh’s NYC HQ (Courtesy of Industry City, HelloFresh by Eric Laignel)

HelloFresh inks Industry City deal for content studio

HelloFresh inks Industry City deal for content studio
A rendering of the Climate Solutions Center with Trust for Governors Island CEO Clare Newman and Mayor de Blasio (Rendering via WXY architecture + urban design/bloomimages; Governor's Island; Getty)

Going green: Governors Island could soon house climate center

Going green: Governors Island could soon house climate center
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
The Real Deal founder and publisher Amir Korangy and Massey Knakal founder Bob Knakal

JLL’s Bob Knakal on the future of New York

JLL’s Bob Knakal on the future of New York
Greystone Development CEO Thomas Ryan and an image of the project (Courtesy of James Hooker, Greystone)

Greystone eyes $40M-plus for Park Slope luxury apartments

Greystone eyes $40M-plus for Park Slope luxury apartments
(iStock)

Banks see CRE loans delinquencies hit 5-year high

Banks see CRE loans delinquencies hit 5-year high
Ed Adler and Wendy Silverstein (Getty)

Wendy Silverstein, Ed Adler launch loan restructuring biz

Wendy Silverstein, Ed Adler launch loan restructuring biz
Jamie Dimon and 383 Madison Avenue (Getty, Google Maps)

JPMorgan suffers setback in return to office

JPMorgan suffers setback in return to office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...