Haute Living’s Titans of Business NYC Real Estate Summit kicked off with the help of Michael Stern (JDS Development), Michael Rudin (Rudin Management Company) and Scott Alper (The Witkoff Group), representing The Next Generation of Power.
Moderator Melissa Francis of Fox Business Network started with a discussion of the group’s most interesting new achievements.
What is the most exciting project that each of you are working on right now?
Michael Stern: I love all my children equally! But, I would say 111 West 57th St., which is the conversion of the landmark Steinway Hall. It’s a very exciting project with Central Park Views.
Michael Rudin: We’re working on the redevelopment of the Saint Vincent’s Hospital. It’s a 200-unit high-end luxury condominium project located in Greenwich Village. It’s very exciting…we’ve been working on it for going on eight years now.
Scott Alper: We’re closing on is Park Lane hotel up on Central Park South. That’s going to be our next really exciting one!
You guys are the ‘Next Generation’ panel. What do you think of that title? Does it make you feel like the new kids?
Mike Rudin: I’m fourth generation. We’re lucky to have such great people to look up to, and people do expect more of you when you have a legacy to uphold. My sister and I both work very hard to follow in our family’s footsteps and prove ourselves.
What is the biggest mistake that you see other people making?
Scott Alper: You can overpay for an office building or apartment building…but you have cash flow, so you can wait it out with a low yield. In the land market…you have no income coming in. If you overpay and then you can’t get your equity together and you cant finance it…can’t get a construction loan, that’s when you’ll have problems.
Haute Living sends special thanks to Panerai Watches, official Timekeeper of the NYC Real Estate Summit, Fox Business Network’s Dennis Kneale and Melissa Francis, The Related Companies, Fortune International and The Core Club.