New York's office condominium market has eclipsed previous record pricing
History has proven that Manhattan real estate values always come back higher than the previous highs. That has certainly been the case in the Manhattan office condominium market. The following office condominium sales highlight the rapid four year recovery from the depths of the Great Recession to today:
110 East 40th Street
Converted to office condominiums in 2008, this 100,000 square foot, 34-unit property has seen a 43% increase in per square foot sales prices since its lowest sale of $415 per square foot in March 2011.
137 West 25th Street
In 2010, Sony Music sold the majority of the floors in this 12-story, 100,000 square foot office condominium. Since their initial sale in March 2010 for $266 per square foot, there has been a 48% increase in pricing.
131 West 35th Street
This 12-story, 100,000 square foot office cooperative has long been the home of printers, jewelers and other industrial owner-occupants. In July 2012 the 8th Floor sold for $298 per square foot. Since then the building has realized a dramatic 55% increase in sales prices.
70 West 36th Street
This 180,000 square foot, 16-story office building was acquired and converted to office condominium in 2007 by the developer Time Equities. Since 2010, when prices were at their lowest, $450/SF, there has been a 38% increase in sales prices.
