East 40th Street getting new office condo

Developer Philips International has bought 110 East 40th Street, at Park Avenue, and is beginning to renovate the office building to create a commercial condominium called Grand Park. According to city property records, Philips International bought the nine-story building for $35 million and closed on it in July 2008. John Ciraulo of Massey Knakal represented the seller. When converted, Philips plans to create condo units between 2,364 and 11,093 square feet. Scott Klau, executive vice president and principal at Newmark Knight Frank, which is marketing the condo, said the asking price is $975 per square foot. TRD