News that the Rudin family is apparently planning to sell 80 Pine Street to Joseph Hoffman’s real estate company Bushburg for a low price of $160 million marks a painful turning point in the property’s history. Ta.
The building, which the Rudin family reportedly hoped to sell for $200 million, held a special place in the heart of the dynasty. In 1959, when company legend Lou Rudin broke ground on his 1.2 million square foot tower, his young son, Bill Rudin (later CEO and now co-executive chairman), She watched the ceremony in her father’s arms. Photos from October 2020.
At the time, faced with losing 800,000 square feet of AIG, Rudin embarked on an upgrade project to make the tower more competitive in a depressed market. Leasing activity by JLL’s top team has enabled him to generate 200,000 square feet in new leases.
Buschberger is based in Manhattan, but most of his projects are done in Brooklyn. If sales are expected, The Real Deal first reportedthe new owners may seek to convert the building into apartments, as several other owners downtown are doing.
Neither Bill Rudin nor Buschberger responded to requests for comment.
