Herrick Office Condominium Seminar

On February 17, 2011 the law firm of Herrick, Feinstein LLP hosted an office condominium seminar which featured Michael Rudder as a panelist:

Office Condos: New York Real Estate’s Next Big Thing?

New York’s office condominium market is a small, but growing sector. In 2011, demand should continue to be strong from foreign businesses that favor ownership over renting, non-profits, governments, and others who want to lock in the long term benefits of ownership. These long term benefits include equity growth, fixed costs, and potential capital appreciation, among others.

At the same time, available product may increase as thoughtful owners analyze the demand and consider the financial advantages of converting and selling parts of their buildings as commercial condos.

Finally, new FASB rules regarding lease accounting are in the works. Starting in 2013, these rules will require rent payments to be recorded as a balance sheet liability — a change which will make office condominium ownership even more appealing.

Panelists included:

Michael Rudder, Principal, Rudder Property Group
Miriam Harris, Senior Vice President, NYC Economic Development Corporation
Douglas Heller, Partner, Herrick, Feinstein LLP
Joseph Hilton, Senior Managing Director, Grubb & Ellis New York, Inc.
Aaron Kaiser, Partner, EisnerAmper LLP

Real Estate Bisnow recently featured the event in their newsletter: