Software developer buys Midtown office condominium for $5 million

TRD New York /
Oct.October 21, 2010 12:30 PM

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

 

Related Articles

arrow_forward_ios
Meadow’s UN Plaza office building goes condo

Meadow’s UN Plaza office building goes condo

Meadow’s UN Plaza office building goes condo
From left: Chelsea Arts Tower, Jack Guttman

Jack Guttman wants record $20M for Chelsea Arts condos

Jack Guttman wants record $20M for Chelsea Arts condos
From left: 70 West 36th Street and 127-135 West 33rd Street

Scarcity of office condos drives up prices

Scarcity of office condos drives up prices
Extell, Cammeby’s putting Turtle Bay office space on market

Extell, Cammeby’s putting Turtle Bay office space on market

Extell, Cammeby’s putting Turtle Bay office space on market
Placeholder image

Feng shui plays bigger role in real estate

Feng shui plays bigger role in real estate
Report shows 32 percent drop in Manhattan office condo sales

Report shows 32 percent drop in Manhattan office condo sales

Report shows 32 percent drop in Manhattan office condo sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...