William Rudin, heir to one of New York City’s top real estate dynasties, grew up with a cardinal rule his grandfather followed to build a property empire: Never sell. Despite economic downturns, Rudin believed office values and cash flows would always recover as workers returned in good times. However, last year, Rudin sold control of a 30-story office tower in downtown Manhattan that his family developed in the 1960s. This fall, they agreed to sell 80 Pine Street, another financial district tower, after anchor tenant American International Group left.
*Article courtesy of Wall Street Journal
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