Rudder Property Group is pleased to have represented Global Export Marketing Co. in the purchase of an office cooperative floor located at 25 West 31st Street. Global Export paid $2.775 million, $478 per square foot, for the entire 8th floor of the 12-story building. The 8th floor has a loft-like feel with high exposed ceilings and three sides of windows with unobstructed southern views. The floor was purchased with a beautiful new installation in place, and it is fully furnished and in plug-and-play condition.
12 West 32nd Street, New York, NY between 5th Avenue and Broadway
OFFICE COOPERATIVE FOR SALE
- Full floor presence
- Large, operable windows
- Efficient layout with three sides of windows
- High ceilings
- Landlord would consider leasing the unit
- Prime Midtown location
- Close proximity to the Penn Station, Port Authority and Grand Central transportation hubs
- Located in the heart of Herald Square and Koreatown
Entire 7th Floor: 3,300 RSF
Asking Price: $2,250,000
Annual Maintenance (including real estate taxes): $11.65/RSF
On October 3, 2012, Citi Commercial Bank and AABANY hosted a successful CLE dinner event: “Understanding the Foreign Purchaser in New York City.” The event took place at The Holiday Inn in Soho and was attended by 65 attorneys and real estate professionals. Thanks to the support of David Lau, Senior Vice President of Citi Commercial Bank. Distinguished panelists included AABANY Chairpersons: Margaret Ling, Esq., Chair of the Real Estate Committee; Pauline Yeung-Ha,Esq., Co-Chair of the Solo/Small Firm Practice Committee; Tsui Yee, Esq., Co-Chair of the Immigration and Nationality Law Committee; Michael Rudder, Principal of Rudder Property Group and Grace Chan, Vice President of The Corcoran Group. Panel Moderator was Wendy Yu, Esq., Co-Chair of the Solo/Small Firm Practice Committee. The subject matter focused on many interesting facets of the foreign purchaser acquiring NYC property and included discussions of estate tax issues; EB-5 Visas; representing the foreign purchaser in a contract of sale; the state of the office condo market in NYC; and the relevancy of feng shui. The event was so well received that Citi and AABANY will plan future events to further focus on the subject matter.
Rudder Property Group is pleased to announce the sale of an 18,201 square foot office condominium on the 14th floor of 125 Maiden Lane. SCPG Property, LLC, a subsidiary of a China-based publishing company, paid $5.9 million. Michael Rudder and Mike Heller of Rudder Property Group represented the seller, while Arthur Hung from Corcoran represented SCPG.
125 Maiden Lane is a 340,000 square foot, class B office building located in the Financial District. The property was converted to office condominiums in 2006 by Time Equities. Other owners include the Lower Manhattan Cultural Council, Jewish Forward, International Planned Parenthood, the Consulate General of Trinidad and Tobago and the Guttmacher Institute. The property features a roof garden, free fitness center, a rotating art exhibit in the lobby, and has recently received LEED certification.
“The purchaser recognizes the benefits of office condominium ownership and they anticipate significant long term appreciation of real estate values in Lower Manhattan,” said Michael Rudder, principal of Rudder Property Group. “This sale is indicative of the recent influx of overseas buyers of office condominiums.”
“SCPG was attracted to 125 Maiden Lane’s amenities like the garden on the roof, and they plan to reconstruct the space in order to occupy a portion and lease a portion out” said Mike Heller, Director of Sales of Rudder Property Group.
The Durst Organization recently completed a “leasehold office condominium” transaction at 205 East 42nd Street. Durst converted the building into an office condominium. They then leased 170,000 RSF condominium unit to theCity University of New York. The purpose of the leasehold condo is to avoid paying real estate taxes. Since the space that CUNY, a non-profit, is leasing is its own tax lot and condo unit, and since the term of the lease is for 30+ years, there are no real estate taxes. The tax exemption enables Durst to rent the space to CUNY at approximately $10/RSF below market rate and still achieve the same net operating income. Other landlords have recently used this sophisticated technique to lure tenants, including SL Green’s lease to the MTA at 333 West 34th Street. This transaction highlights one of the many benefits to office condominiums. Please contact us for more information on leasehold office condominiums.
RPG recently represented Sandeep Diamond Corp. in a 10-year lease at 535 Fifth Avenue. The Sandeep Diamond Corp. deal represents the fifth transaction that RPG has completed with tenants and office condominium buyers in the jewelry and diamond industry.
Rudder Property Group is pleased to offer a full floor office condominium for sale at 633 Third Avenue, between 40th and 41st Streets. The 13th floor is 19,930 rentable square feet.
This offering is a rare opportunity for a company, non-profit organization, UN mission or consulate, or an investor to purchase a floor in a Midtown Manhattan office condominium building. 633 Third Avenue is a 1 million square foot, 41-story, class A office building, and is located in the heart of the Grand Central and United Nations submarkets.
The floor plate is extremely efficient and features four sides of windows and a center core. There is a tremendous amount of light that floods the space and there are impressive East River and cityscape views.
Combining high visibility, unrivaled convenience, and modern building systems, 633 Third Avenue leaves nothing to be desired.
For more information about this property click here.
To arrange a tour, please contact us.
A recent article in Real Estate Weekly, which quotes Michael Rudder, highlights how the availability in financing has made the current market an good time for companies to purchase their space. The article highlights the recent acquisitions made by Google, Nordstroms and Coach.
“It’s a cyclical situation,” said Michael Rotchford, Cushman and Wakefield’s head of corporate finance and investment banking. “In certain times in the real estate cycle matched up to the capital cycle it becomes much more affordable for corporations to buy real estate.”
Mid-Year 2012
This report provides an overview of the Manhattan office condominium sales market in the first half of 2012 and it includes historical sales data, an in-depth look at notable office condominium sales in each submarket, and the citywide office condominium availability rates. In addition, this report features an interview with Doug Lasdon, the executive director of the Urban Justice Center. Doug discusses the successes his organization has had in the office condominium market.
Summer 2012
This newsletter highlights the shortage of New York City office condo space for sale and the tremendous demand for office condos from small businesses and foreign buyers.
