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
The Manhattan office market’s overall vacancy rate rose to a 24-year high of 13.3% in the third quarter (iStock)

Cushman & Wakefield paints bleak picture for Manhattan office market

Cushman & Wakefield paints bleak picture for Manhattan office market
Travis Kalanick (Getty; iStock)

Travis Kalanick cooks up a real estate empire

Travis Kalanick cooks up a real estate empire
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
Subversive CEO Richard Acosta (Photos via ICSC; iStock)

Riding high: Inception, Subversive to launch publicly traded cannabis REIT

Riding high: Inception, Subversive to launch publicly traded cannabis REIT
Gov. Andrew Cuomo announced that movie theaters in some New York counties can reopen, but NYC’s theaters are excluded for now. (Getty; iStock)

Cuomo: Movie theaters can reopen — but not in NYC

Cuomo: Movie theaters can reopen — but not in NYC
Blackstone’s Stephen Schwarzman, Roku CEO Anthony Wood and Coleman Highline in San Jose (Blackstone; Wikipedia Commons; Coleman Highline)

Blackstone buys Roku’s Silicon Valley office buildings

Blackstone buys Roku’s Silicon Valley office buildings
IKEA Chief Sustainability Officer Pia Heidenmark Cook (IKEA, iStock)

Ikea will buy back your old furniture on Black Friday

Ikea will buy back your old furniture on Black Friday
arrow_forward_ios

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

Loading...