On the Market

Office Condo Up for Sale at 666 Broadway as Non-Profit Funding Dries Up

666Bdwy-1-Exterior-670x440_70

Amid an increasingly difficult economic climate for non-profit organizations, the Funding Exchange (FEX) is closing the doors it opened at 666 Broadway in 1986, listing its office condo for sale through Rudder Property Group for just under $6.5 million, The Commercial Observer has learned.

The 8,621-square-foot condo makes up the entire fifth floor in the 13-story, 100,000-square-foot corner building in the NoHo area of Lower Manhattan.  FEX purchased the condo in 1986 for $850,000, when the neighborhood was little more than a shadow of what it is today.

“Times are changing… new buyers are building this B-class nonprofit into a first-class Midtown South office building,” said Michael Rudder of Rudder Property Group, who sealed the exclusive marketing opportunity last week.

The building was converted to an office condo in 1985 and was designed to be purchased by non-profits.  Since then the area has experienced explosive growth, fueled in part by New York University’s stronghold in the neighborhood and the rise of nearby Midtown South as a tech mainstay.  But constrained funding in the post-recession climate has led to the downfall of many of the city’s non-profit groups, including at least two others in the building. Read More

Sales Beat

Global Export Marketing Co. Snags 5,800SF Office Cooperative at 25 West 31 Street

25 West 31st Street

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. Read More

Market Reports

Average Prices Drop to Lowest Point in 5 years, Downtown Remains Hot for Office Condo Sales

Michael Rudder, Principal of The Rudder Property Group

The average price per square foot for office condominium sales dropped in the first half of 2012 to the lowest point in 5 years, while total square footage of office condos sold surpassed the five-year average, according to a new report from Rudder Property Group. 

The average asking price for office condos was at $431-a-square-foot. Contributing to that decline is the fact that most of the city’s inventory of high price units (especially in submarkets like Chinatown) had mostly been sold, while the Downtown submarket saw a high-number of low-cost sales.  Read More

Office Condominiums

Lebanese University Snags $11M Condo

211 East 46th Street. (Courtesy Property Shark)

Lebanese American University is buying a three-floor office condominium at 211 East 46th Street for $11 million.

LAU, which has campuses in Lebanon but has adjunct operations in Manhattan, will use the roughly 30,000-square-foot space primarily for administrative offices and classroom facilities. Read More