Commercial Real Estate & Advisory

Commercial Condos on the Rise in NYC

October 14, 2003

NEW YORK, N.Y. – Businesses are jumping at the opportunity to own their own space, despite the soft office lease market, said Bruce Sinder, president of Sinvin Realty, the agent for several commercial condominiums in downtown and midtown Manhattan.”The pundits who wrote off office condos in Manhattan have been proven wrong,”said Sinder.  “There are many companies who recognize both the long-term investment value of an office condominium purchase and the built-in protection against a rise leasing costs as the economy improves and demand surges.”While there is not a lot of commercial condo product on the market at this time, buyers have been writing checks this summer and it is as much an endorsement for the condo market as it is a vote of confidence in the future of New York,”said Sinder, who cited 145 Hudson St., one of the city’s newest commercial condo conversions as an example of market activity.In a recent two-week period alone, Sinvin, acting as exclusive agent sold three commercial units at one of the city’s newest office condo conversions, 145 Hudson Street in Hudson Sq. section of downtown Manhattan, according to Sinvin vice president Roxanne Betesh.  The building is a commercial condo from the basement through the 5th floor, while floors 6 to 14 and the penthouse are residential condos.Betesh of Sinvin arranged the following three sales:

  • Abhaya, an Asian art and antiques store purchased the ground floor unit B which includes a total of 5,000 s/f of space (3,000 s/f on the ground floor and an additional 2,000 s/f of selling space in the basement).  The asking price was $1.8 million.
  • Gerrard + Tan Architects purchased a 1200 s/f second floor unit.
  • Symphony of Chaos, a documentary production company run by Rob Millis purchased a 1200 s/f third floor unit.  The upper floor commercial units are asking $450 per square foot.

For nearly a quarter century, Sinvin Realty Corp., has been a leader in tenant and promotional brokerage services to retailers, office tenants and landlords in New York’sDowntown neighborhoods as SoHo, TriBeCa, NoLita, Flatiron, Chelsea, NoHo and the Meatpacking District. It represents such prominent retail ands office tenants as Balthazar, Louis Vuitton, Bonne Bell, Harvard University, Vitra, Face The Music, Blue Man Productions and SoHo House.