Acquisition director Bijan Karimian represented TEI in the purchase, while Suzi Wilson and Rick Recny are the conversion managers for TEI. Located in the heart of Midtown, the 16-story, 160,000-sf building boasts 24-hour security and card-key access.
The property is presently undergoing several renovations in preparation for the conversion to office condominium. Notable tenants include Alliance Building Services, Non-Profit Finance Fund, and Nuance Industries. Retail tenants include Soofee Fashions.
"As commercial rents continue to rise, more companies and not-for-profits are looking to invest in office condos," says Michael Rudder, director of office leasing and sales at Time Equities. "We are thrilled to acquire and convert 70 W. 36th St. to meet the office condo demand and help small businesses and not-for-profits stay in New York City."
Time Equities pioneered the office condominium trend in Downtown Manhattan when it converted 125 Maiden Lane from a traditional office rental building to an office condominium project in spring 2006. "We will continue to acquire and convert Manhattan properties to office condos as we see this as a viable way to foster the success and longevity of both small businesses and nonprofits in New York," adds Francis Greenburger, chairman and CEO of Time Equities.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
