The Rudin family's rise in Manhattan real estate development

¶ … East Coast Real Estate Families

The Rudin Family:

What family member started the Rudin business and when?

The English Rudin Family originally came from Leicestershire, where they were seated as the Lords of the Manor. (Rudin family crest and family history) the Rudin family business, which has been redited with the disticntion, in later eyars of spearheading the development of Manhattan's dot-com district was established in the year 1925 by Samuel Rudin, an eminent builder-philanthropist, whose beginnings cuold be stated to be extremely modest indeed; this man rose from New York City's famous 'Lower East Side', and achieved something that the average man could only ever dream of. It must be remembered, nevertheless, that Lewis Rudin's grandfather named Louis Rudinsky had come down to the Lower East Side in the year 1883 from Poland. He worked as a grocer, and he was responsible for buying the first real estate of the family, an apartment which is on the 54th Street. Today, this property is a 32 floor building. Samuel Rudin, grandson of Louis Rudinsky, grew in status to be one of New York's most eminent builders, and a real estate owner. (Real Estate Leader Lewis Rudin dead at 74)

As a matter of fact, Samuel Rudin left his signature on a great many buildings, both residential and commercial, in the entire city, and most of these buildings happen to be owned and managed by the Rudin family even today. Samuel and May, his wife, started a family tradition dealing with philanthropy as well as civic causes which the Rudin brothers Lewis and Jack, both representatives of second generation Rudins continue to this day. Together, the brothers managed the family business under the banner the 'Rudin Management Company'. Lewis Rudin, who passed away in the year 2001 when he was seventy four years old, was no doubt one of the family's better known individuals; it was Lewis who was responsible for serving as the 'Chairman of the Association for a Better New York', an institution that he formed in the year 1971. This association has been termed a 'unique type of consortium' of businesses, political leaders and other influential persons in New York, who get together to discuss and to find solutions to the city's economic health. However, the family does not take on partners in business, and their success probably lied in the fact that they have managed to hold on to every property the family has ever owned to date. (Real Estate Leader Lewis Rudin dead at 74)

What generation is currently running the family business?

Bill Rudin, the next generation of the Rudin family, and son of Lewis Rudin, is presently in charge of the family business, and he is answerable to his older relatives in the business. (Helfat, 35)

What's their most notable project to date?

Perhaps one of the most notable projects of the Rudin family could be the time when Lewis Rudin prompted and persuaded developers and other real estate and corporate leaders to save New York City, which was teetering on the edge of bankruptcy, to pre-pay $600 million in property taxes. This enabled his beloved city to narrowly avoid a fiscal disaster. The conscientious individual would also rail "against the city's rent regulations, stating that low rents would apply a brake on new housing construction, and in 1971, he founded the Association for a Better New York. The family's most recent project is that of '55 Broad Street'." (Bagli, 5)

What's the Rudin family's current worth?

William C. Rudin, heir apparent to the Rudin Empire, is the prospective owner of perhaps thirty nine buildings, which are currently valued at more than $1.5 billion. (Bagli, 5)

How much total square footage does the Rudin family own?

It is said that this prominent family owns a total square footage of 15 million. (Bagli, 5)

The Durst Family:

What generation is currently running the family business?

Presently, the Durst Organization continues to be a family business, being led by Jody, Douglas and Kristoffer who are the third generation Dursts and by the fourth generation Dursts as well. (Citizens Union Leadership Award to be presented to the Durst Family)

What's their most notable project to date?

This would be the forty eight storeyed Conde Nast Building situated at 4 Times square, which is considered to be one of the most technologically as well as environmentally, developed 'green' buildings of the nation. It must be remembered that the Durst family always builds only 'green'properties, and is ocmpletely environment conscious. (Citizens Union Leadership Award to be presented to the Durst Family)

What's the Durst family's current worth?

The Durst family holdings are inclusive of 9 buildings within the Grand Central-Times Square area, which effectively covers over 6 million square feet of the office space. (Citizens Union Leadership Award to be presented to the Durst Family)

How much total square footage does the Durst family own?

It is stated that the family owns up to a total square footage of 9 million. (Citizens Union Leadership Award to be presented to the Durst Family)

The Trump Family:

What family member started the Trump family business and when?

Today, the millionaire real estate developer Donald Trump, born in the year 1948, is considered the epitome of a successful American immigrant and his experiences. It is said that Donald trump learned the business from his father Frederick Trump, who at the age of thirteen, was forced to enter the family's construction business that had been started by his father, who had migrated to America in the year 1885, and who successfully ran the Arctic Restaurant in British Colombia during the Gold Rush. He later died in 1918 because of the influenza pandemic, and his son Frederick took over the business, after which Donald took over the reins. (Ancestry of Donald Trump)

What generation is currently running the family business?

Fred Trump, as he was known to the close members of his family, died in the year 1999 on June 25th, and at a service in his memory, his descendants, one by one, rose up to talk about this man, who had managed to, with nothing at all in his pocket, revive the structure of Queens and Brooklyn and left upon his death, an empire worth more than $250 million. The second son of Fred Trump, Donald Trump, took over the reins of the family real estate business, and it was this man who managed to garner infinitely more success than the previous generations. Several researchers opine that Donald's goal, all through his life, has been to outdo his father's name, at any cost. This individual, although he entered the business through real estate, moved on to gambling, in Atlantic City. In the year 1990, the same man was, incredibly, almost $2 billion in debt, and at a time when his net worth had been estimated at being $300 million. The unflappable Donald Trump however recovered, and investors were once again ready to invest in him and in his name, and soon followed the 'Trump Building, Trump Hotel, Trump International Plaza in Manhattan, Trump World Tower, and Donald Trump's name' had once again entered the Forbes 400 list. (the house that Fred built) Today, the Trump businesses are being handled by Donald Trump's sons Donald, Jr. And Eric and daughter, Evanka. (the house that Fred built)

What's their most notable project to date?

Perhaps, this is the expansion plans and successes of the Trump family in expanding Manhattan's Upper West Side from a mere seven to sixteen buildings.

What's the family current worth?

Today, the Trump family business stands at a net worth of $2.6 billion. (#74, Trump, Donald John)

How much total square footage does the Trump family own?

The total square footage has been estimated at a 14.5 million. (#74, Trump, Donald John)

The LeFrak Family:

What family member started the LeFrak family business and when?

LeFrak family has been forming its mark on Queens, as it has been building both residential as well as commercial complexes in the area from the year 1905. What is different about the LeFrak family is that the family had been Europe's builders for the previous 2 generations, before setting up their business in the United States of America in 1905; Maurice LeFrak had started as a developer in France in the 1840's, and later, Aaron who was Maurice's son, and his grandson named Harry, arrived at New York City. They soon began a modest type of building firm with their family name, and they concentrated initially on developing apartments meant primarily for the immigrants who were living on the lower East Side of Manhattan. (the top of the heap)

Grandson of Maurice LeFrak, Harry LeFrak manufactured and designed customized type of glass for Louis Comfort Tiffany, and one of the initial major achievements of the family was the construction of Park Vendome in Queens, which attained fame as one of the world's initial 'high-rise residential-retail-commercial-judicial office building complex', and adding to the beauty of this complex was the fact that Frank Lloyd Wright worked as an assistant for the construction of the skyscraper. The family also constructed the famed LeFrak City in Queens in the year 1963. This City included sixty three high rise buildings. The LeFrak Family owns today, an estimated hundreds of apartment buildings located in various areas in America, and in New York City, including Brooklyn, Queens, and Jersey City. (the top of the heap)

What generation is currently running the family business?

Harry LeFrak, the grandson of Maurice LeFrak, passed on the family business, upon his death, to his son Sam, who held on to the reins of the business until his death at the age of eighty five, after which the business passed on to his son Richard, aged sixty two at present, who is in charge of running the business. The LeFrak family business, like the other real estate businesses mentioned above, has remained in the family, and will, in all probability, continue to do so for the next several generations as well. (the top of the heap)

What's their most notable project to date?

There can be no doubt whatsoever that one of the most notable achievements of the LeFrak Family is the LeFrak City mentioned above, built across forty acres of land. The LeFrak City has been described as a 'gargantuan complex' of eighteen-story buildings, with five thousand apartments in harmony with each other, built close to the 'bustling Long Island Expressway in Queens'. (the top of the heap) it is said that expansion into London and Los Angeles are on the horizon. (the top of the heap)

What is the LeFrak family current worth?

The LeFrak family business is estimated at a net worth of 3.0 billion. (#117 Richard LeFrak & family)

How much total square footage does the LeFrak family own?

The total square owned by the LeFrak Family is estimated at footage 34 million.