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

Battle of the Skyscrapers

MBANY Event: It’s Good to Be Tall, New York!

Stacy Wallach, left and Joshua Stein.

New York City’s tallest buildings took center stage Monday night at a Mortgage Bankers Association of New York event, moderated by Joshua Stein, a Mortgage Observer columnist and principal of Joshua Stein PLLC.

Mr. Stein introduced guest speaker Stacy Wallach, who took attendees through a fascinating look at New York City skyscrapers, “An Evening with the Tallest of the Tall.” 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