Jacob Frydman Explains why Office Condos in New York Are Increasingly More Sought After
Oct 15, 2019
With demand steadily rising in this market segment, a number of prominent NYC brokers have shifted their attention to office condos.
New York, NY - October 14, 2019 /MarketersMedia/ —
New York City is usually seen as the best place to go to for culture, entertainment, and education. The metropolis is mentioned even more when it comes to its business and commercial reputation, as Wall Street became the heart and the symbol of the US financial sector. Additionally, many corporations have headquarters in The Big Apple. With leading financial, communications, technology, and media companies choosing NYC as their base of operation, real estate has logically emerged as a major driver of the local economy. According to the Department of Finance, the total market value of New York properties was about $1.072 trillion in fiscal 2017, or 10.6% higher compared to 2016. Recently, there has been a considerable increase in demand for office condominiums, especially in Manhattan, which is set to witness its highest influx of new office supply since the mid-1980s, comments New York-based property expert and CEO of Frydco Capital Group Jacob Frydman.
With demand steadily rising in this market segment, a number of prominent NYC brokers have shifted their attention to office condos. "When you look at the market, you see sales falling for office, retail and residential. But commercial condos are a different story. We're projecting that segment of the market to grow," Cushman & Wakefield’s James Nelson said in an interview. As Jacob Frydman explains, rising rents in New York are largely responsible for the surge of interest in office condos. They allow enterprises to lock in their occupancy expenses, thus shielding themselves from future rent increases. Moreover, the properties appreciate in value, presenting opportunities from an investment perspective.
Recent data demonstrates the strength of the office condo market in New York, one of the latest publications coming from Rudder Property Group (RPG). According to its report for the first half of 2018, the period finished at near-record levels with regard to total square footage sold and total sales value, which reached $237 million. Notably, the market delivered its best performance to date in terms of average price per square foot, which jumped to $934, or 23% higher compared to the five-year average of $758. Commenting on the results in an interview, RPG principal Michael Rudder stated, “ The office market remains very strong. Office condominium purchasers are looking to avoid paying high rents and to reap the long-term benefits of Manhattan real estate ownership.”
With 30-plus years of experience in the real estate sector, Jacob Frydman has come to be recognized as a leading expert in structuring, financing, and executing highly complex RE transactions. Keenly focused on value-added investments, he has a track record that includes financial participation or advisory work on more than $2 billion worth of property deals. The renowned professional has shared his experience and insights as a speaker and guest lecturer at Columbia University and New York Law School, as well as a frequent commentator on CNBC, Bloomberg TV, Fox News, and other major television channels. Despite his numerous professional commitments, Jacob Frydman makes time for his humanitarian work, supporting multiple charitable organizations, among them the National Committee for Furtherance of Jewish Education (NCFJE), The Brem Foundation, and The Chabad of Duchess County.
Jacob Frydman - Blog - JacobFrydmanNews.com: http://JacobFrydmanNews.com
Jacob Frydman - Renowned Real Estate Investment Consultant: https://jacobfrydmanrealty.com
Jacob Frydman - Real Estate and Private Equity Investments Expert: https://jacobfrydmannewyork.com
Contact Info:
Name: JFN
Email: Send Email
Organization: JacobFrydmanNews.com
Website: http://www.jacobfrydmannews.com
Video URL: https://www.youtube.com/watch?v=NHS77IcaFwc
Source: MarketersMedia
Release ID: 88927876
More News
Eli King injury is ‘concerning’ admits Gillingham boss
Gillingham boss Gareth Ainsworth admitted there is concern over the injury suffered by midfielder Eli King in Saturday’s defeat at York City.
Penalty kings progress in FA Trophy
The third qualifying round of the FA Trophy was dominated by penalty shoot-outs.
Kent clinch promotion!
Kent have claimed County Championship Division 1 promotion under head coach Adam Hollioake and skipper Daniel Bell-Drummond.
Report: Painful day for well-beaten Gillingham
Gillingham’s winning streak in League Two came to an abrupt end on Saturday against an impressive York City.
Gillingham add new keeper to squad for York trip
Gillingham had a new face in the squad on Saturday for their League Two game at York City.
Matchday Live: York v Gillingham, Tonbridge v Ebbsfleet, Maidstone v Truro
Follow this afternoon’s football, including Gillingham’s trip to York, in our live blog.
Compton’s century edges Kent towards promotion
Kent took a tentative stride towards promotion from Division 2 of the County Championship on day two of their game with Gloucestershire at Canterbury.
All-rounder awarded county cap
Grant Stewart has been awarded his long-awaited Kent county cap.
Kent start reply strongly after bowling out visitors
Kent moved a step closer to claiming promotion from Division 2 of the County Championship on Thursday.
Gillingham boss Ainsworth issues York warning after flying start
Gillingham’s impressive run faces a major test on Saturday as they travel to a York City side yet to lose at home in League Two.
Jonny Williams starts new chapter in the National League after Gillingham exit
Former Gillingham midfielder Jonny Williams has ended his search for a new club and will be playing National League football this season.
Eli King: Why I chose Gillingham after having just hours to decide
Eli King admits it has been a “whirlwind” since his last-minute decision to join Gillingham, but he already feels at home.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.