Sales up, prices down on office condos

New York /
Dec.December 07, 2010 11:38 AM
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Sales of office condominiums in Manhattan showed some momentum through November of this year, compared to the first 11 months of 2009, according to commercial real estate brokerage Rudder Property Group, which released its fall office condominium report today, based on sales across the borough (see full report below).

‘There were 305,650 square feet sold during the first 11 months of the year, up 39 percent from 2009 when 220,089 square feet sold, while there was a 9 percent increase in the total dollar volume transacted — $173.17 million sold through November of this year, compared to $158.19 during the same time period a year earlier. But the average price per square foot dipped to $567 this year, down from $719 during 2009. This could signal a market correction, however: the five-year average price per square foot recorded by RPG was $591.

Michael Rudder, a principal with the firm, said in fact the average sales price was about flat over the two years, because a collection of condos at 139 Centre Street that sold for more than $1,000 per foot skewed the market last year.

“In 2010 we’ve seen [an approximately] 40 percent increase in square feet sold. And if you exclude 139 Centre Street, it’s been basically flat on a price per square foot basis,” Rudder said.

TRD

RPG Office Condominium Report Fall 2010


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