Rudin's Next Generation Taking Over As Co-CEOs. Bill Rudin Explains Why Now
Rudin Management will have new leadership starting next year, a transition that will leave one of the city’s oldest real estate firms to be run by two people under 40 years old.
The firm announced Thursday that Samantha Rudin Earls, 39, and Michael Rudin, 38, the children of CEO Bill Rudin, will take over as co-CEOs in January. Bill Rudin and his cousin, President Eric Rudin, will both continue as co-chairmen at the firm, while Chief Investment Officer Neil Gupta has been named president.
“We think now's the right time as we head into Rudin Management's 100th centennial celebration in 2025,” Bill Rudin, 68, told Bisnow in an interview Thursday morning. “There's a very, very low percentage of family businesses that make it to the fourth generation. … I can't underestimate the importance of what we've done and the support that they're receiving.”
Rudin was founded in 1925 by Samuel Rudin, who was then followed by his two sons, Jack and Lew Rudin, and then by his grandsons, Eric and Bill. Today, it employs 600 people and owns 17 residential buildings and 15 commercial buildings spanning 14.7M SF.
This leadership shake-up was a decade in the making, but despite the fact that he viewed his children's eventual ascension to leading the firm as a given, Bill Rudin said the change has been evolving, particularly in the last few years.
“I've always had this [vision], once my children decided they wanted to be in the business, and they've proven themselves to want to take on this responsibility,” he said. “That distinguishes us from other family businesses, where the transition is not as smooth.”
Rudin Earls is the first woman to lead the firm, and Gupta will be the first person outside the family to serve as company president. Bloomberg first reported the news of the succession.
The leadership change comes as real estate — and New York itself — faces significant challenges amid a shifting approach to work, soaring costs of construction, interest rates and a migrant crisis.
Rudin Management has been working to adapt. This year, the company sold a majority stake in 55 Broad St. to Silverstein Properties and Metro Loft for the first office-to-residential conversion in the family company’s history. The company is also selling its 1.2M SF office tower at 80 Pine St. in the Financial District. That building underwent some $100M worth of renovations earlier in the pandemic. Leasing has been slow in the 40-story property in spite of upgrades, and 700K SF is available for lease, a spokesperson for Rudin confirmed to Bisnow last month.
Bill Rudin said as co-chairman, he will continue to consult about the company’s big-picture ideas while not having to focus on the day-to-day running of the company.
“I think everybody's very excited and looking to the future and know that there are significant issues … [but] they're gonna drive the ship and make it head in the right direction and note there's also choppy waters,” he said. “There will be always unexpected things that happen, but they have the experience and the leadership capacity to handle it with our support.”
Rudin Earls joined the company in 2007 and is an executive vice president, according to the release. She will oversee Rudin’s multifamily portfolio and the firm’s design, marketing and human resources, as well as leading company diversity, equity, inclusion and accessibility initiatives.
Michael Rudin has been at Rudin since 2008 and is also an executive vice president. He will be leading the commercial side of business, sustainability and technology innovation. Gupta joined Rudin in 2012 and became chief investment officer in 2018. He previously worked at Deutsche Bank and Morgan Stanley. He will continue to manage investments, acquisitions, financial assets and capital markets.
