Real estate stalwart Bill Rudin gave brokers a taste of his family “secret sauceˮ for success during the 7th Annual New York Multifamily Summit.
The vice chairman and CEO of Rudin Managements said “collaboration, innovation, and risk-taking” were the keys to the 100-year Rudin legacy.
Today, the company continues to dominate New York City’s real estate landscape with projects that include the 675,000 s/f high tech building Rudin plans to develop with Boston Properties at the Brooklyn Navy Yard, and repositioning of 110 Wall Street into a 24-7 live work environment with half of the building leased by WeWork and the other half reserved for residential.
Sponsored by Eastern Consolidated, the Multifamily Summit attracted nearly 800 participants.
Peter Hauspurg, chairman and CEO of Eastern Consolidated, kicked off the day-long event noting that the last five years have been a golden period for New York City real estate.
“The amount of capital — national and international — flowing into New York City real estate is unprecedented and shows no signs of letting up,” he said.
Hauspurg noted that residential building permits haven’t kept up with the demand for housing in New York City, which has gained 300,000 residents since 2010. “So it’s not really surprising that apartment rents are still headed north and apartment prices have soared to levels that no one could have predicted,” he said.
Speaker Richard Anderson, president of the New York Building Congress, said overall construction spending reached $36 billion in 2014, a 26 percent increase from 2013 when total spending reach $28.5 billion.
Residential construction spending skyrocketed to $11.9 billion in 2014 – a 73 percent increase from the previous year, and the first time in New York City history that annual residential spending has even topped $7 billion.
Also during the day Eastern Consolidated executives Brian Ezratty, Michael Levine and Andrew Sasson moderated panel discussions that drew on the expertise of geusts including Matthew Baron, president of Simon Baron Development, Greystone’s Jeff Simpson, Jeffrey Levine, chairman of Douglaston Development, Amy Rose, co-president of Rose Associates and Amir Hasid, of HAP Investments, were also held throughout the day.