Lease Beat

Eastern Consolidated Expands at 355 Lexington

355 Lexington Avenue

Manhattan-based full-service real estate investment services firm Eastern Consolidated is augmenting its team and has taken an additional 4,000 square feet at 355 Lexington Avenue to accommodate the growth, Commercial Observer has learned.

The new offices in the 22-story Rudin Management building will be on the fifth floor and will house 30 brokers and support staff. The company’s current digs span 15,000 square feet on the 11th floor in the building, between 40th and 41st Streets. The new offices are in move-in ready condition and Eastern Consolidated will occupy the new space next month. Both leases expire in three years. Read More

REBNY 2014

The Rudin Way

Bill Rudin

Bill Rudin sits at the helm of one of the largest privately owned real estate companies in the city. Like much of the Real Estate Board of New York community, in addition to his firm’s undertakings, he often puts at the top of his agenda initiatives that might not always show immediate results but which are essential for the future success of the city. Mr. Rudin, a REBNY vice chairperson, spoke to The Commercial Observer about his current projects, REBNY, major real estate happenings over the last year and what needs to be done to keep New York City competitive. Read More

Wired City

City Launches Wireless Corridor Challenge and WiredNYC

(Photo: Celeste Sloman)

Mayor Michael Bloomberg has announced two new tech initiatives to expand the city’s access to wireless and broadband connectivity, one of which encourages the deployment of leading broadband technologies across its commercial real estate buildings.

The Wireless Corridor Challenge will establish free public WiFi corridors in each of the five boroughs, while WiredNYC, described as LEED Read More

Tech and the City

Bill Rudin Among Leaders of Downtown Alliance Tech Initiative

Screen shot 2013-09-17 at 3.03.56 PM

The Downtown Alliance has announced LaunchLM, a city-backed initiative aimed at bringing together tech innovators below Chambers Street.

Mayor Michael Bloomberg introduced the endeavor, which will be advised by a group of leaders including Rudin Management’s Bill Rudin, during a speech last week on New York City’s post-9/11 renewal.

“This new initiative will advance the tech community in Read More

Power Broker

The Storm Chaser: Alexander Chudnoff on Post-Sandy NYC Recovery Efforts

Alex Chudnoff.

Alexander Chudnoff, a commercial leasing broker who takes pride in strengthening relationships with clients through “impeccable service,” was especially busy in the aftermath of Hurricane Sandy.

The Jones Lang LaSalle executive managing director was dividing his time last week between volunteer efforts in the Rockaways, where he provided hot pizza and coffee to storm victims, and getting on the phone to make sure his Downtown Manhattan clients could stay open. Though it was a difficult time, the activity of making connections was just what attracted Mr. Chudnoff to the business in the first place.

“I love to make calls. I love to canvass,” he said. “I like to develop the relationship.”

In some cases, the storm required short-term arrangements, such as lining up space with other clients or in Jones Lang’s own offices, he said. In others, clients were able to proceed with minimal disruption, as when Dentsu Holdings USA returned to work at 32 Avenue of the Americas when Rudin Management opened the building the Monday after the storm. Read More

Shameless Promotions

Masters of Real Estate Event Breaks Record

Jared Kushner.

Featuring an all-star line up of the city’s most formidable real estate professionals, this year’s annual Masters of Real Estate fetched a record 450 RSVPs, The Commercial Observer has learned.

Observer Media Group executives began preparing for the event, now in its third year, six months in advance with an eye toward creating an eclectic mix of speakers. Larry Silverstein of Silverstein Properties, Michael Fascitelli of Vornado, William Rudin of Rudin Management, Jeff Blau of Related Companies and Glenn Rufrano of Cushman & Wakefield are all scheduled to appear. Rob Speyer of Tishman Speyer bowed out.

Jared Kushner, the owner of The Commercial Observer and president of Kushner Companies, will lead the event with remarks. Read More

Lower Manhattan

Financial West Submarket Still Waiting, Waiting, Waiting for Market Boost

Financial West submarket.

An improved transportation hub at South Ferry and the overhaul of Battery Park have yet to translate into gains for the Financial West office market.

The area west of Broadway and South Street and south of Albany and Liberty Streets had the lowest average rent and highest vacancy rate among downtown submarkets in the third quarter, according to Cushman & Wakefield. Read More

Cartography

The Gangs of New York: Who Rules Each Manhattan Zip Code

OWNERS_2012_OPERATINGCOSTS

From Washington Heights to Lower Manhattan, nearly every neighborhood includes at least a little office space.

And while it can be difficult to discern on the ground, most neighborhoods and ZIP codes have a single, predominant landlord who rules the roost.

To determine who controls each of the borough’s nearly 50 ZIP codes, we combed the portfolios of Manhattan’s 20 largest owners and drafted a turf map of sorts. In cases where none of the 20 largest landlords owned office property, such as in the Lower East Side and parts of the West Village, no victor is listed.

Gathered from each company’s official website and media liaisons, as well as the United States Postal Service, the data after the jump includes ZIP codes for single buildings as well, numbered in inset maps. Read More

2012 Owners Magazine

New York City’s Commercial Real Estate Dynasties: The Next Generation

September 4, 2012 (4)

On a recent late-summer conference call, William Rudin, Michael Rudin and Samantha Rudin Earls—three members of one of New York City’s most venerable commercial real estate families—were engaged in a bit of dactylonomy.

The three weren’t trying to come up with the number of buildings currently in the family’s commercial and residential portfolio, but rather were adding up the number of family members currently working at the company.

“That’s two, four …” Some names were mumbled. After a little back and forth, they settled on nine.
In a city known for the prominence of a handful of families in commercial real estate, single names like Rudin, Durst, Rose, Muss and LeFrak have come to symbolize the industry. These families have survived the worst economic catastrophe since the Great Depression while witnessing, along with the rest of us, the rise of real estate investment trusts, the top three of which now have a combined New York portfolio of roughly 67.6 million square feet.

In a era when the word ‘dynasty’ is often overused and left to trail behind words like—let’s face it—‘sports’ or ‘Kardashian,’ it finds true meaning when one surveys these biggest families in New York commercial real estate. Many of them, after all, are generations old and still control vast portfolios of properties while wielding the type of power that only comes with reputation and recognition. Read More

Critical Condition

Rudin Opponents Flatline, Reviving St. Vincent’s Redo

Urgent renovations.

Back in March, Rudin Management announced it had reached a deal with Long Island-LIU to open up an urgent care center in part of the old St. Vincent’s hospital in Greenwich Village. This would allow the powerful developer to continue with plans to build luxury condos in place of much of the old hospital as well as returning medical care to the neighborhood. Many locals were unsatisfied, since they would not be getting a full-fledged hospital, but the main opposition group has just dropped its legal appeal to the deal, meaning it can go ahead. Read More