The Rudins rarely ply their trade outside of New York City, so when they do, it’s worth noting.
The family firm is in contract to purchase 1 Harbor Point in Stamford, Connecticut from Building and Land Technology for approximately $150 million, Bloomberg reported. Should the deal close at that price, it would break down to more than $627,000 per unit.
The 239-unit complex comprises two buildings and was built in 2015; it’s 96 percent occupied. It’s within walking distance of the local Metro-North train station, which can carry commuters into Grand Central Terminal in less than an hour.
Rudin declined to comment to the publication, while BLT did not respond to a request for comment. A Newmark team including Doug Harmon and Adam Spies marketed the property for sale.
It’s one of the more notable acquisitions by the Rudin clan since the third generation of the family firm turned over operations of the century-old company to Michael and Samantha Earls Rudin a few years ago. At the time, it had 14 office buildings and 17 residential properties worth about $5 billion according to Forbes; Samanthan runs the residential side of the business.
On the office side — Michael’s domain — Rudin took a recent hit. Last year, the value of 32 Sixth Avenue was cut by 56 percent to $340 million, down from its $770 million valuation in 2015, according to Morningstar Credit.
The reappraisal, however, followed Rudin landing a four-year extension on its $425 million CMBS loan, which went into special servicing in September due to imminent maturity default.
As part of the loan negotiations, Rudin agreed to invest $100 million in capital improvements, where occupancy dropped to 57 percent as of June due to major tenants like CenturyLink, Dentsu, and iHeartMedia downsizing or relocating during the pandemic.
Elsewhere in Stamford, Eliot Spitzer’s firm recently purchased several contiguous parcels near the rain station for an apartment development. Specific details about the project are scarce, though; the purchase price was not disclosed and plans had not yet been filed with city planning and zoning boards.
Since 2021, annual rent growth has clocked in at nearly 4 percent in Stamford.
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