Brookfield's Mitchell Rudin on the Future of NYC

Earlier this week RDM’s Director of Sales, Joe Leach, attended the B’nai B’rith Real Estate Luncheon where real estate professionals discussed the topic of redefining Manhattan.

Featured speaker, Mitchell Rudin, President and CEO of Brookfield Office Properties spoke about the state of New York City and the current Brookfield projects which will further develop the city.  Here’s some of what Mitchell said:

• We live in an "Era of cities."
• Thinks suburban companies located in Westchester and Long Island also want a presence in NYC.
• We’re in the number 1 country (USA) and number 2 city (NYC) for real estate globally.
• Nationally 55% of GDP is generated in just 22 cities.

BrookField Place
• Were asked to change the name of the World Financial Center because the tenants signing leases are not all in finance -- it was changed to Brookfield Place.
• Brookfield Place is an 8 million square foot complex with a dining terrace with seating for 1,000 as well as an Equinox and on-site child care.
• The dining complex will open in May with new restaurant, Hudson Eats.
• The complex is currently 60% complete.

One NY Plaza
• One New York plaza had many lease commitments a couple of years ago.
• After Hurricane Sandy, which dumped 23 million gallons of water into the building, all the tenants disappeared.
• Since then, they’ve made a number of long-term improvements and now have over 97% occupancy.

Manhattan West
• Will feature 3 office buildings, a hotel, and an apartment building.
• It will be roughly two contiguous blocks with outdoor space about the size of Bryant Park.
• Five Manhattan West has been getting a lot of interest from creative tenants.
• The entire project will be ready by 2019.