X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-In common with the investment sales market in general, office condominium sales activity for the first six months of this year tanked, according to a recent report from Time Equities Inc. The sector managed just seven sales totaling 46,159 square feet and totaling $35.2 million in the first half of 2009, compared with 45 sales totaling $144.2 million in the second half of 2008. However, a pair of office condo sales in the space of a few days at the end of October accounted for nearly one-third of the six-month dollar volume and more than half the square footage.

In late October, TEI announced that it had completed the $6.9-million sale of a 15,217-square-foot office condo at its 131 W. 33rd St. to Progressive Credit Union. “Progressive’s purchase highlights the growing trend of stable New York businesses who wish to own their office space and benefit from appreciation as the market rebounds,” says Michael Rudder, director of office leasing and sales of TEI. “This sale highlights the sentiment amongst buyers that the market is bottoming out and that now is the time to buy.”

Within that same time frame, Winoker Realty Co. represented the Elizabeth Foundation for the Arts in the $4.85-million sale of its 10,314-square-foot office condo at 323 W. 29th St. to Michael Brandon Enterprises, a menswear company.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.