In late October, TEI announced that it had completed the $6.9-million sale of a 15,217-square-foot office condo at its 131 W. 33rd St. to Progressive Credit Union. "Progressive's purchase highlights the growing trend of stable New York businesses who wish to own their office space and benefit from appreciation as the market rebounds," says Michael Rudder, director of office leasing and sales of TEI. "This sale highlights the sentiment amongst buyers that the market is bottoming out and that now is the time to buy."
Within that same time frame, Winoker Realty Co. represented the Elizabeth Foundation for the Arts in the $4.85-million sale of its 10,314-square-foot office condo at 323 W. 29th St. to Michael Brandon Enterprises, a menswear company.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
