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Rudin family celebrates 100 years in real estate
The now legendary purchase that marks the Rudin family's entry into New York real estate--the acquisition of a 4-story brownstone at 153 East 54th Street by Louis Rudinsky exactly 100 years ago--was celebrated recently with a "1905-themed" event at the office building that now stands on that site.
The event, which closed off a portion of 54th Street, featured authentic early 20th century pushcarts as well as delicacies and music from that era. It attracted dozens of dignitaries, including Mayor Michael Bloomberg, Empire State Development Corporation Chairman Charles Gargano, who represented Governor Pataki, as well as hundreds of members |
of the New York real estate, business, civic and cultural communities to 641 Lexington Avenue, the 32-story office building that Rudin completed at the northeast corner of Lexington Avenue at 54th Street in the mid 1960's.
Chairman Jack Rudin cited the contributions made by five generations of Rudins. "In memory of my brother, parents and grandparents, it is with great pride that the current generations of Rudins recognize and acknowledge their vision, achievements and hard work over the past 100 years."
"This is a memorable event commemorating the real estate deal that started it all for our family," stated William Rudin, who is president of Rudin Management Company.
Now part of industry lore, the story behind the family's first real estate purchase goes like this:
Around 1900, Louis Rudinsky, a young immigrant from Byelorussia, opened a dry goods store on the lower east side of Manhattan. One day, as legend goes, John D.. Rockefeller, Sr. visited young Louis' store while on his way home from his office on lower Broadway to make sure Louis was selling Standard Oil brand kerosene. After assuring Mr. Rockefeller that he was, Louis asked him where he lived. Rockefeller replied, "54th Street."
Several Years later, Mr. Rudinsky had successfully accumulated enough money to fulfill a life-long dream, a dream he could not legally realize in homeland Byelorussia: to own real estate. He was approached by his attorney about a property in 'Uptown' Manhattan, and when the attorney informed him the four-story brownstone was located on 54th Street, Louis' immediate response was "I'll buy it!" When his attorney asked, "Don't you even want to look at the property?", Louis replied, "If it's good enough for Rockefeller, it's good enough for Rudinsky."
Little did Louis realize that the building he purchased at 153 East 54th Street was, at the time, literally on the 'wrong side of the tracks': Mr. Rockefeller lived to the west side of Park Avenue which, at the time, was an open pit for the railroad tracks to Grand Central Station. 153 East 54th Street was to the east of Park Avenue and reserved for tenements and stables. In any event, Louis purchased the property in January 1905, and moved in with his wife Rachel and their nine children.
Later, from his deathbed, Louis commanded his son Samuel Rudin, "Never sell this property."
Samuel kept the promise he made to his dying father and eventually bought several properties adjacent to the original purchase.
Finally in 1964, on the site once occupied by the four-story brownstone, Samuel and his family constructed 641 Lexington Avenue, a modern office tower situated in the heart of Midtown Manhattan and no longer on the 'wrong side of the tracks.'
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