News that the Rudin family apparently plans to sell 80 Pine Street to Joseph Hoffman’s real estate company Bushburg for a lowball $160 million marks a poignant turn in the property’s history.
The building which the Rudins reportedly hoped would fetch $200 million held a special place in the dynasty’s heart. When company legend Lew Rudin broke ground on the 1.2 million square-foot tower in 1959, his young son, Bill Rudin — who later would become the company’s CEO and is today co-executive chairman — watched the ceremony in his dad’s arms, as shown in a photo we ran in October 2020.
Company legend Lew Rudin broke ground on the 1.2 million-square-foot tower in 1959.
The Rudins embarked on an upgrade project to make the tower more competitive in a weak market. Tamara Beckwith/NY POST
At that time, the Rudins — faced with losing AIG which had 800,000 square feet — embarked on an upgrade project to make the tower more competitive in a weak market. A leasing effort by a top JLL team helped generate 200,000 square feet in new leases.
Bushburg is Manhattan-based but has done most of its projects in Brooklyn. If the prospective sale, which was first reported by the Real Deal, goes through, the new owners might attempt to convert the building to apartments as several other downtown owners are in the process of doing.
Neither Bill Rudin nor Bushburg responded to requests seeking comment.
Source link: https://nypost.com/2024/04/28/business/rudin-family-plans-to-sell-downtowns-80-pine-st-to-brooklyn-developer-bushburg/