Samantha Rudin Earl’s office inside 345 Park Avenue — the birthplace of the Blackstone Group and a symbol of the Rudin family’s role fostering global commerce — is pink.
Not full-on “Barbie pink,” more like decorated with rosé accents.
“I’m very visual,” said Samantha, who in October was named co-CEO of Rudin Management along with her brother, Michael, taking over for their father, Bill, and cousin Eric.
Samantha’s office is filled with reminders that hers is a family business. There’s an antique desk that belonged to her grandfather and a smaller one beside it where daughter Elle, now age 12, sat when she was even younger.
There is a small statue commemorating the Rudins’ sale of 55 Broad Street to Larry Silverstein and Nathan Berman, though the family kept a stake so they could learn more about office-to residential conversions. There’s also a sign that reads “What would Beyoncé do?”
The personal touches fit in with the Rudin aesthetic at 345 Park. While other offices in the 44-story tower are sleek and corporate, the Rudins’ is paneled in wood and looks more like a (very wealthy) family’s private study.
Samantha’s grandfather, Lew, famously ran into Blackstone’s Stephen Schwarzman on East 52nd Street, now named Lew Rudin Way, in the late 1980s when Schwarzman was struggling to find an office for his fledgling private equity firm. Lew offered him 60,000 square feet in 345 Park; this year, Blackstone inked a 10-year renewal/expansion that covers more than 1 million square feet. Lew also helped the city navigate its financial crisis in the 1970s when he persuaded his fellow landlords to prepay their property taxes and helped found the Association for a Better New York.
These actions helped secure the Rudins as leading business and civic figures in New York, positions carried on by Bill Rudin and now passed on to Samantha and her brother.
Samantha (Sam to acquaintances, Sammie to those who’ve known her since childhood) leads the residential side of the business, which includes 17 apartment buildings totaling more than 4 million square feet.
She sat down with The Real Deal to talk about succession, the residential market and the drama of being a Rudin.
This conversation has been condensed and edited for clarity.
Born: April 11, 1984
Hometown: Upper East Side, Manhattan
Lives: Greenwich Village
Family: Married, 1 child
“When I was younger I didn’t think I was going to work in the family business. And I didn’t think I’d be a vegetarian. And if someone said to me that I’d be a soccer mom, I’d be like, you’re crazy. So never say never.”
How did the family’s succession plan come together?
We were already looking at our business pre-Covid as we approached our 100th anniversary. When Covid hit, it was all hands on deck. It just accelerated the transition where we probably would have been having this conversation in 10 years from now.
You have dozens of family members who are shareholders. How do you manage all their needs?
My brother, the first thing he did when we became co-CEOs in January was to do a listening tour with each shareholder family member and understand their goals. We’re all focused on a shared vision and alignment, but there can be differences in opinions. I think that piece around communication and making sure that people are heard, we’ve watched how it’s been done in previous generations. Our mom raised us to really put our family first and blood first.
What’s been different for you since the official changeover?
I’ve always been focused on the residential portfolio, but we’ve really taken it to another level. So more of a focus on amenities and our leasing processes. I also focus on our marketing and branding.
What’s the state of the residential portfolio?
We’re currently 97 percent leased. What’s most interesting to me is that we had some buildings with larger floor plates that pre-pandemic were just harder to move — those [big] units. They currently have a waitlist, and one of the things that we’ve done is taken the old bones of these classic buildings and now we’re infusing them with modern amenities.
What do you think about the city’s 421a replacement?
You know, 485x has some challenges. We’re currently looking in our office portfolio for potential residential conversions and seeing that as an easier pathway.
What’s going on at 55 Broad?
That building was built by my great-grandfather and his two sons in the 1960s, and we recently sold it to Silverstein and Metro Loft. We kept an equity stake so we can watch the process and learn. They started construction last August, and they’re going to start leasing in the fall. These conversions don’t work in all situations, but when they do they have a much smaller carbon footprint and It brings housing to market much faster.
What’s something new you learned about conversions?
You have these really high ceilings that if you were doing ground-up you probably wouldn’t have those heights. And the concrete and the soundproofing are much stronger. From an architectural point of view, there are many different interventions you can do, and they have different costs. There are just so many creative ways that you can adapt a building, you just have to be creative and put all the pieces together.
How do you think your leadership is similar and different compared to other family members?
Stepping forward as the first woman co-CEO is a huge honor, and it’s a shift there. Women in commercial real estate have been traditionally underrepresented.
What would you say to women who say, “Yeah, it’s easy to break the glass ceiling if your name is on the front door”?
I’ve definitely been supported and have the benefit of being in a family business. There are other women in this industry who don’t work for their family business. [The ones that do] prove by their skills, intellect and stamina that they are the right ones for the job. It’s important to support and foster that growth, and if I can be a small piece of that puzzle I want to help open the door for more women.
Mary Ann Tighe was a mentor for you, and you said she put you in situations that you wouldn’t have been in if she didn’t open the door. What were those situations?
She got the Happy Warrior Award at the Al Smith dinner in 2019, and I got to sit on the dais. To be one of the few women on the dais and watch your mentor receive such an acclaimed award … it was an exciting moment.
What do you have planned for the company’s 100th anniversary?
We are doing a brand refresh that will start rolling out in 2025. It will celebrate Rudin and it will celebrate New York.
What’s a fond memory from growing up?
Learning to roller-skate in the back garden at the building I grew up in. I go back and I see the children’s chalk. I had my own fun experiences there.
You studied theater at NYU Tisch School of the Arts. How’d you get into that?
We have a theatrical family, and I like to joke that there’s more drama in real estate than there is in theater. A lot of theater is watching people’s body language and being present. There’s a lot of overlap when you’re putting on a production and working on a project. But I think ultimately I’m happy that I get to be in real estate and go home at night and have a nice life. In theater it’s a lot of pressure.
Your father worked in the film industry briefly. Did you pick that up from him?
My mom’s uncle was an actor, and my grandmother was also very dramatic. I don’t think I got my drive for theater necessarily from my father, but I do think it’s in the blood.
You said that when you graduated, you tried to be an actor but you didn’t “have the courage.” What did you mean by that?
Auditioning is a very raw craft. Sometimes they’re just looking for a certain type, and if you’re not that type you have to have thick skin.
Was there a play you saw as a kid that resonated with you?
I saw “Long Day’s Journey into Night,” which had Vanessa Redgrave and Brian Dennehy, in 2004. That performance literally went through me.
Do you think your daughter will follow you into the business?
She plays soccer, and I think right now her focus is perhaps to be a professional soccer player. And then hopefully she’ll take over from me, because I’m going to be ready for her.
Does she still come to work with you in the office?
She’s outgrown the desk that I have for her. I like to joke that she could come in and like in six months do all that I do and more, because she’s so smart and driven. It’s really refreshing to see the next generation so focused. That helps me sleep at night.
Where did you meet your husband, David Earls?
We met at the Stock Exchange. I was doing the closing bell, and he was there for the Sept. 11 concert series.
What does he do?
He has his own not-for-profit called Subject Matter. They raise money to support social causes. We got married in 2011, so that’s 13 years. Lucky 13.
What’s been the key to a successful marriage so far?
Listening to each other, and we have a real partnership. So just really having a lot of respect and compassion … really just devotion to each other and our daughter.
You started in 2007 and were just thrown into the financial crisis. What was that like?
As a long-term owner in the city, I’ve had the benefit of learning from the greatest, and you don’t give up the passion and drive. I’m constantly in my mind watching and saying, “Is this person coming today with a problem? Or are they coming with a solution?” And that’s what I’ve watched, generation after generation, is finding solutions.
You spearheaded the condo development at the old St. Vincent’s Hospital. What did you do to leave your mark on it?
I came up with the name for the project. We were originally calling it the West Village Residences, and then when we were doing marketing and branding, a tax map showed that originally Greenwich Avenue was called Greenwich Lane. This concept of returning the block to its original history, and the connotation of a lane being softer than an avenue — I would say that’s my most personal mark on the project.
It was your mother who talked you into joining the business.
When I was younger, I didn’t think I was going to work in the family business. And I didn’t think I’d be a vegetarian. And if someone said to me that I’d be a soccer mom, I’d be like, you’re crazy. So never say never.
What do you think about the future of office?
You see examples of where it’s really successful, whether it’s here at our office at 345 Park or the future headquarters for Citadel at 350. I love coming past JPMorgan’s 270 and seeing how these buildings are shining examples of American business and commerce. I’m excited for that. And then we’re seeing where an office has outrun its useful life and there’s the potential to convert it.
“There are other women in this industry who don’t work for their family business. [The ones that do] prove by their skills, intellect and stamina that they are the right ones for the job.”
There’s the adage about how in a family business the first generation builds it, the second spends it and the third destroys it. You’re the fourth generation. Do you feel any pressure not to screw it all up?
When your last name is on the door, it’s a big responsibility and it’s not something any of us take lightly. You think of a relay race, and the goal is to pass the baton from generation to generation. You can get far out and overwhelmed and stressed. Or you could also just really stay in the moment.
Do you think about leaving a legacy?
I think the legacy will be to successfully pass on a healthy, thriving business. How that looks … we’re open to evolving but, you know, just keep the tradition alive.
What do you read every day?
One of my favorite books is [Malcolm Gladwell’s] “Outliers.” I read books on spirituality and Buddhism. That balanced approach helps me de-stress.
Is there any art you want to own?
I like Anish Kapoor. I like bright, colorful art. My aunt is a huge art collector, so I love seeing her collection. I definitely like Pop-y, I wouldn’t say modern art but just anything that makes me happy, right?
When did you last go on vacation?
My daughter was doing a soccer camp outside of London, and so we were in London, and then in Italy for a week, and that was nice.
Do you have a mantra?
Maybe YOLO. I don’t really say that, but I think it’s important to enjoy life.
What’s people’s biggest misconception about you?
I have a certain standard, and I want that to be met. It’s a balance of, there is an expectation and a standard, but also people having a good time with things and not wanting it to be overly pressured and stressful.