The Real Deal New York

Posts Tagged ‘michael rudder’

  • From left: Chelsea Arts Tower, Jack Guttman

    Chelsea Arts Tower, Jack Guttman

    The Chelsea Arts Tower has two commercial condominiums available that may just be the priciest office space ever offered in New York City.

    The top floor condo, asking $2,800 per square foot, and space on the fourteenth floor for $1,600 per square foot would put as much as $12 million and $8 million, respectively, in developer Jack Guttman’s wallet. [more]

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  • From left: 70 West 36th Street and 127-135 West 33rd Street

    From left: 70 West 36th Street and 127-135 West 33rd Street

    A surge of sales and corresponding lack of supply is driving up the prices of New York City’s office condominiums.

    Only about 300,000 square feet of available office condo space exists citywide, and that dearth of supply has nudged prices up 30 percent from the second half of 2012, according to a July market report from Rudder Property Group. [more]

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  • alternate text
    Gary Barnett and 211 East 46th Street (building photo source: PropertyShark)

    Gary Barnett’s Extell Development and Cammeby’s International is putting up for a sale a three-story
    office space for $625 per square foot at the site of a 30-floor converted
    condo tower in Turtle Bay .
    The office condo, at 211 East 46th Street office, is located on the third to
    fifth floors of the tower, which can be acquired as three separate units
    measuring 9,800 square feet, or one large 29,000-square-foot space.
    “The floors had been occupied by a tenant, and now that tenant is moving
    out and they’re going to sell these three floors,” said Michael Rudder,
    principal at Manhattan-based Rudder Property, which is listing the
    property. … [more]

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  • Iluna USA, a clothier specializing in women’s intimate apparel, has
    purchased a half-floor office condominium unit at 110 East 40th Street
    for $2.75 million, according to Rudder Property Group, which
    represented the buyer in the transaction. The office building, located
    between Park and Lexington avenues, is now nearly 50 percent sold,
    according to firm founder Michael Rudder. Developer Philips
    International purchased 110 East 40th Street in January
    2009
    for $35 million. TRD
    [more]

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  • Jonata Dayan, 70 West 36th Street and Michael Rudder

    Commercial real estate firm Winoker Realty and Time Equities have negotiated an 11,294-square-foot office condominium sale at a price of $5.08 million for the seventh floor of 70 West 36th Street, between Fifth and Sixth avenues. Winoker represented the buyer, a mid-sized software development company, while Michael Rudder, who is now with the Rudder Property Group (note: correction appended), represented the entire 16-floor building on behalf of its owner, Time Equities. As more office buildings are being converted to office condos, more tenants are considering buying rather then renting, said Jonata Dayan, senior vice president at Winoker. “Our office is actively moving condo sales through the pipeline as we speak,” she said. There has also been an increase in office condo sales. “Buyers are purchasing at prices that reflect a 40 percent discount from a couple of years ago because they recognize the tremendous long-term investment value this represents,” said Michael Rudder, principal with Rudder. “70 West 36th Street offers an unusually good opportunity to acquire well-priced space in a high-quality building.” TRD

    [more]

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  • alternate text
    A Feng Shui chart (click to enlarge)

    Feng shui — the Chinese system of beliefs that governs building design, the calendar and numbers, and which is followed by people in other cultures, especially in East Asia — is playing more of a role in real estate deals, as Asian buyers are populating the market, said Michael Rudder, a broker at Time Equities. Feng shui has been used in the past as well, The Real Deal reported in a webcast, with brokers using unconventional methods, including a cleansing ritual used by a feng shui consultant to help sell apartments. Rudder — who first encountered feng shui in 2007 — said that since the number of Asian buyers and lessees in New York has surged this year, he and other brokers are learning just how influential it can be, the New York Times reported. Buyers often come equipped with elaborate feng shui kits to measure a property, said Rudder. With the commercial market in New York still soft, Rudder said almost all of his recent sales of office condominiums have been to foreign buyers, especially those based in Asia, where the economy is booming. “They have this huge appetite for office condos,” he said, and since they don’t want to pay rent, he has redirected his marketing plan to accommodate them. [NYT]

    [more]

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  • Source: Time Equities

    The dollar volume of office condominium sales in Manhattan slipped by nearly a third last year to its lowest level since 2005, a report released today by condo developer Time Equities shows.

    The value of condos sold fell to $158 million in 2009, the weakest year since 2005 when just $49 million sold, the report, which covers 2009 sales data, shows. The volume in 2008 was $233 million.

    The total amount of square feet sold fell by 42 percent to barely 220,000 last year from over 379,000 in 2008. As of the end of 2009, there were 8.2 million square feet of commercial condos in 76 buildings, Time Equities data show.

    The report’s author Michael Rudder, director of sales and leasing for Time Equities, said the decline was representative of the broader sales market.
    The drop, however, was not as steep as the overall 72 percent fall in Manhattan building sales volume last year as reported last month by commercial sales firm Massey Knakal Realty Services. … [more]

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