Global Export Marketing Co. has purchased a 5,800-square-foot office cooperative located at 25 West 31st Street for $2.775 million, sources tell The Commercial Observer.
The export and marketing organization bought the fully furnished 8th floor in the 12-story building, delivered in plug-and-play condition, with a loft-like feel, high ceilings and unobstructed southern views.
The firm had been leasing office space at nearby 450 7th Avenue, and came close to purchasing an office condominium in 2009, but the financial crisis put the plans on hold, said Michael Rudder, principal of Rudder Property Group, which represented Global Export Marketing Co. along with Michael Heller.
“With the current rebound in the market and record low interest rates, they realized that now was the perfect time [to buy],” said Mr. Rudder, whose firm specializes in office coop and condo sales. “They can now take advantage of the long-term appreciation and stability that is gained through office ownership.”
“The office condo market is the tightest we have seen it since before the recession,” he added. “There are a tremendous amount of buyers on the market with virtually no product available.”
The seller, PCI, or Progressive Construction, Inc., was represented by Jonata Dayan, Adam Ben-Dayan and Jonathan Ben-Dayan of Winoker Realty. The firm also sold the space to PCI in 2007, Ms. Dayan said.
There is much less selection when it comes to buying versus leasing office space in Manhattan, but there are significant advantages to buying for firms looking at long-term stays – among them, no renewals, constant expenses, and capital improvements that benefit the buyer, not a landlord.
“It totally makes sense to buy,” Ms. Dayan said, estimating that the roughly $40 a foot Global Export Marketing Co. was likely paying at 450 7th Avenue is comparable to the monthly payments at 25 West 31st Street.
“Like all other buyers of space like this, I’m sure this particular buyer wanted to stay in the neighborhood and felt that there were a lot of benefits to owning instead of leasing.”
The roster of other businesses in the building includes Creative Comps Inc., Dancing Classrooms, Dynamic Resources, Inc., JoAnn She & Co., GP Advisors, Lewis Alan Office Furniture and Peak Tax, Inc.
Global Export Marketing Co. assists companies throughout the world – in the United States, the Middle East, Africa, Near East, and the Caribbean – in achieving sales volume goals.
The location will be used as an administrative office.