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Friday, March 29, 2024

Historic Whitehall St Office Building Being Sold by Rudin Family

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By: Ezra Ashkenazi

The enormous lower Manhattan office at One Whitehall street is on the market for approximately $182 million. The building was developed by Rudin management in 1962, and it was renovated in 1989. The 387,390 square foot building is made of glass and steel. It is being sold by Bill and Eric Rudin who need to settle estate taxes for the leader of the Rudin family, Jack Rudin, who passed away in 2016. The buyers of the building is Jacob and Joe Chetrit, and closing is expected within 60 days, according to the New York Post. The ground floor of the building is occupied by the US post office and Duane Reade, a pharmacy. The upstairs office tenants include the Regional Plan Association, and Topps, a trading card company.

Topps now occupies 66,000 square feet on the fourth through sixth floors in a lease that expires in the late part of 2020. Other tenants have lower scale leases that end over the next six years. The building itself is magnificent and it will definitely boost future clientele. The building has outdoor terraces and smart building technology. There are also building-wide amenities that will definitely help the future owners get tenants.

The Rudin family was also planning on selling a building that they own at 110 Wall Street, however, they pulled the offering after the Whitehall building’s contract was signed. As for their building on Wall street, the Post says, Workspace startup WeWork subleases the entire property at 110 Wall St. for both co-living and co-working under a net lease for the next 22 years. The Newport Office Centre 4 in Jersey City was also placed on the market by another New York family facing a lot of estate taxes.

The LeFraks, have to sell their lavish Jersey City building as a result of the huge amount of taxes they now face after Sam Lefrak’s wife, Ethel Passed in 2013. They are selling the building through Cushman & Wakefield investment brokers. The pricing is going to begin above an astonishing 400 million dollars. This isn’t the first building they sold this year either. They sold the Newport Office Centre 6 to a company called iStar for around 170 million dollars. Although the families wish they didn’t have to sell these buildings, they are getting a lot of money to settle their tax problems, which is their main priority.

(Ezra Ashkenazi is currently an intern in the Jewish Voice Student Journalist Initiative)

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