“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

Chair of REBNY & Rudin Management on the great WFH experiment, property taxes and why a crisis is a terrible thing to waste

TRD New York /
Jun.June 01, 2020 03:20 PM

Bill Rudin is betting on the office as a magnet for human connection.

“We live in a real world where human interaction is critical,” Rudin, the head of Rudin Management and the chair of the Real Estate Board of New York, said in a conversation with The Real Deal‘s Hiten Samtani. He was responding to the recent announcements by major tech companies including Facebook and Twitter that they would be transitioning to a partially remote or remote-first work environment.

“Headlines are that the real estate market’s going to collapse, and that the big cities are going to be set back,” he said. “We’ve had setbacks before, and we’ve figured out ways to recreate ourselves.”

(Watch more of The REInterview, a series of in-depth conversations with real estate leaders and newsmakers hosted by Hiten Samtani, here.)

Rudin said that for every company that chose to reduce its footprint, there would be upstarts that would take their place.

“Five years ago, if I said to you, ‘well TikTok’s going to come to New York,’ people would say, ‘what’s a TikTok? Is that the watch on your wrist?,'” he said, referring to the 232,000-square-foot deal the video-sharing app just signed at Durst Organization’s One Five One (formerly 4 Times Square).

Rudin is on Gov. Andrew Cuomo’s council to reopen New York’s economy, and spoke about the discussions members are having, such as measures that buildings and construction unions will have to take. He and Samtani also discussed REBNY’s recent call on the city for property-tax relief — a move that’s in sharp contrast to what major landlords did during the city’s fiscal crisis in the 1970s, when they prepaid their taxes.

“The difference is now it’s not just about New York,” Rudin said. “We just said, be cognizant of, we cannot go forward and increase tax burdens that are significantly higher than other places, and create an environment in which we’re not competitive anymore.”


Related Articles

arrow_forward_ios
What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?
The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
(iStock, Getty, Wikimedia)

Retailers boost rent payments but Covid surge prompts caution

Retailers boost rent payments but Covid surge prompts caution
Mayor Bill de Blasio (Getty)

City grants property owners another month to avoid tax lien sale

City grants property owners another month to avoid tax lien sale
Council member Eric Ulrich and City Council member Keith Powers

Council members talk broker fee caps and real estate donations

Council members talk broker fee caps and real estate donations
Ohana Real Estate Investors CEO Christopher Smith (left) and Alexico Group's Izak Senbahar with the Mark Hotel at 25 East 77th Street (Getty, LinkedIn, Google Maps)

Judge: Hotel foreclosure sale is off the “Mark”

Judge: Hotel foreclosure sale is off the “Mark”
Senator Zellnor Myrie introduced legislation that would place the most severe restrictions yet on evictions and foreclosures. (Getty)

Bill to nix evictions for a year after Covid-19 ends

Bill to nix evictions for a year after Covid-19 ends
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
arrow_forward_ios

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

Loading...