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, who represented the seller along with Michael Heller. "This sale highlights the sentiment amongst buyers that the market is bottoming out and that now is the time to buy." A.J. Camhi of Murray Hill Properties represented Progressive Credit Union, a cooperative financial institution that specializes in lending to New York City taxi medallions, in the transaction

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. The space's new owner will use its as a showroom and as its new corporate headquarters within the city.

Winoker EVP Jonata Dayan, who handled the sales transaction along with associates Adam Ben-Dayan and Jonathan Ben-Dayan, says in a release, ""In today's challenging economic environment, the commercial condo strategy yields many benefits. With an eye on long-term investment value, smart business owners view office condos much the same way individuals view a 401(k) account. Their equity investment in a condo shields them against rent increases. At the same time, sellers of condo space generate timely revenue."