Published On: Sat, May 10th, 2014

Rudin Management’s Owner Jack Rudin Buys Coop For $10.5 Million

Jack Rudin has bought a new coop apartment in Lennox Hill Manhattan for a reported $10.5 million.

 Lincoln Center Institute for the Arts in Education Annual Benefit - February 27,    2007

Grandson of Louis Radinsky and the oldest of the Rudin Brothers, Jack Rudin is the chairman of New York real estate firm Rudin Management, which Radinsky founded. Rudin Management’s real estate holdings are one of the largest in New York and it builds, manages and leases its own residential and commercial buildings.

Now, along with is wife Susan, Rudin has bought a residential co-op at 825 Fifth Avenue for $10.5 million. Recently, the two-bedroom, three-bathroom apartment was listed for $10.999 million.

Designed by the famous architect, J.E.R. Carpenter, the 23 story building is located between 63d and 64th Streets in Manhattan’s Lennox Hill neighborhood. The apartment has a view of Central Park and its master bedroom and living room both open to a west facing terrace.

Carpenter built it as part of a string of Upper East Side apartment buildings that became known as the most beautiful in New York. 825 Fifth Ave was built in 1927, has a red tiled hipped roof with chimneys and has been a key fixture of Fifth Avenue’s skyline along Central Park ever since.

Each floor in the building has five apartments and so there are many small units. The building boasts two attended elevators, hotel and made service, a garden, lounge, laundry room and private storage. There is also a monthly dinning and catering fee.

http://www.cityrealty.com/nyc/park-fifth-ave-79th-st/825-fifth-avenue/review/3348

825-fifth-avenue / Photo source CityRealty

The Rudins built eleven buildings in a twenty year period. Last year, Rudin Management was ranked second by The Real Deal on its list of most successful New York Real Estate Firms, leasing 13.9 million square feet and bringing in $315 million in rent.

The company’s philosophy, as set down by Louis, is to buy as much real estate around a property that they own and to hold onto it. Also, Sam Rudin famously said, “if you can get there by subway, I want to own it.” After World War II when so much residential real estate was in development around the city, Sam Rudin believed that the people would also need a place to work and so he began to build commercial buildings as well.

At age 58, the grandson of Louis Radinsky, Jack Rudin lost his father just a few days after the 9/11 attacks. He is also the uncle of Bill Rudin, the company’s chief executive officer and a Radinsky great grandson.

Louis Radinsky was a Polish immigrant who worked as a grocer in New York before starting a real estate empire in the 1920s.

Rudin Management holds ten midtown and six downtown Manhattan commercial buildings with millions of square feet of office space for rent. It also owns eight residential rental buildings and three independent apartments throughout Manhattan. Since they only have rentals, Jack Rudin needed to find an apartment for sale in a building that his company does not own.

The firm’s current projects include a mixed use building at 55 Broad Street in the Wall Street district and the conversion of the old St. Vincent’s Hospital in Greenwich Village into condominiums.

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