Rudin Management Company Part 1
EisnerAmper Real Estate Services Group Chair Ken Weissenberg chats with CEO and vice chairman Bill Rudin and Samantha Rudin Earls of Rudin Management Company about how the condo market has changed since they started leasing The Greenwich Lane, the role of high-end amenities in marketing units, and designing unique family communities.
Ken Weissenberg: Hi Ken Weissenberg from EisnerAmper I'm here at Greenwich Lane with Bill Rudin and Samantha Rudin and we're here to talk about what's going on in their lives and in real estate in New York and in general welcome.
Bill Rudin: Thank you thanks for joining us here at our model apartment here at the Greenwich Lane.
KW: It is absolutely stunning I'm very impressed and I wish I had the cash to buy a place like this you were very much involved in Greenwich Lane and it's designed and it's at his construction why don't you tell us how you got involved with the project.
Samantha Rudin: Well I actually went to NYU and I graduated in 2006 and even before I started in real estate my dad who's amazing he invited me to a meeting about St. Vincents so it was around 2006-2007 before we were even really involved and from the beginning learned about the project and we went through a long approvals process and we're partnered with St. Vincent's Hospital and worked really hard to build a new hospital on the west side of Seventh Avenue and then when they closed and they went into bankruptcy and closed we were able to continue with the project and develop the condos on the East Side and so it's really been a long journey and to be sitting here right now in our model apartment is almost like the cherry on top or the icing on top of the cake and it's just been such an amazing process and I’m so happy that we're over 90 percent sold and sort of at the end of the race I'm actually probably going to be sad when it's all over because it's been one of the best experiences of my life.
KW: 90 percent sold is pretty amazing do you see any resistance in the condo market at this point or is the markets still very strong do you think?
SR: So we opened our sales office and we're now selling on the site now but we opened our sales office in 2013 and it was really my dad who saw how hot the market was and we accelerated we were like we have to open our sales office and get going now because the appetite and the market was so strong and we did and we started selling we opened our sales office October of 2013 and our momentum in the beginning was really strong and we've stayed pretty steady all the way through and with about 17 units left to sell and I should say I was thinking about this where 90 percent sold but we still have a hundred percent good you know we still have a lot of great units left and that's because Corcoran really released the in a strategic way so we're in our model apartment right now which we had a party opening to open our model apartment on May 18th and less than a month later this apartment’s in contract so it's sold now but we still have some great units left to sell and I think that is the market the same as it was three years ago it's probably not a hundred percent the same but we've stayed pretty much steady all the way through.
KW: That's terrific.
BR: We've had a very good steady showing of the apartments that we still have remaining we've got four townhouses we've got a few of these A-line apartments a couple of other little townhouses in the project and a few other apartments scattered about and so we're seeing very good activity and I think what we learned very quickly was and it was really I think part of our design philosophy in working with Thomas O'Brien from Aero Studios and FX Val as our architects that we designed this as a community and really for families and individuals who wanted to be a part of a very unique environment that the fact that we were able to save all the buildings the facades on 12th Street and then really everything was new from the from the from the exterior wall in and then on 11th Street we saved one building built the townhouses and the building that were in now we called the Tower it's 155 West 11th Street and then knit them all together with the amenities that we have on the lower level and on the first floor is very unique we've got the gym we've got a pool we've got health club like facilities we've got a golf simulator we've got the children's playroom that Samantha and Michael I think worked on in terms of making sure that it's totally kid-friendl.
SR: And eco-friendly.
BR: And eco-friendly we've got a screening room we've got a dining area with a chef's kitchen so all of these amenities are really very important and I think it resonated with people who would want to live in New York City so 70 percent of our buyers are New Yorkers 15 percent from Upper East Side 15 percent from the West Side 15 percent from the Village and then the rest scattered out throughout the whole city and then another 20 percent are domestic most of them from the tri-state area some from California some from the Midwest and then the remaining 10 percent are foreigners so the people who bought here predominantly people are going to live here and that to us is very gratifying because we're a family business and we love families we in our rental business we love taking a somebody who's in a studio then he or she you know finds a partner that's a one-bedroom then has a kid takes a two-bedroom has another kid takes a three-bedroom that's the way we've always run our business it's a very materialistic and paternalistic philosophy and we nurture our tenants and making sure that they're happy and they can grow with us so that was I think the philosophy behind the Greenwich Lane and Samantha and Michael really brought a young sensibility to it 10 years ago when we started this project and they've evolved they got married they've had kids but their design sense and the things that they brought to the table I think were very helpful along with Corcoran Sunshine and James Lancel and his team and the whole design team and my cousin Eric and the rest of the Rudin team really it was a great collaborative effort to create probably the most difficult time-consuming but I think gratifying project that we've worked on as a family together.
KW: Thank you.
EisnerAmper Real Estate Services Group Chair Ken Weissenberg talks about 100 years of Rudin real estate development in New York with CEO and vice chairman Bill Rudin and Samantha Rudin Earls of Rudin Management Company. Bill shares how he started in development, and how the next generation of Rudin developers is coming up in the family business.
Bill Rudin and Samantha Rudin Earls of Rudin Management Company speak about the development and design of the futuristic Dock 72 at the Brooklyn Navy Yard and their repositioning strategy for NYC.