The Real Deal New York

Software developer buys Midtown office condominium for $5 million

October 21, 2010 12:30PM

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

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