January 14, 2013

Dear Friends and Colleagues:

I am pleased to release the most recent RPG Office Condominium Report.

This report provides an overview of the Manhattan office condominium sales market in the second half of 2012 and it includes historical sales data, an in-depth look at notable office condominium sales in each submarket, and the citywide office condominium availability rates. The overview of the report reveals the following:

• Sales Continue to Increase: The total square footage of office condominium sales in the second half of 2012 has increased slightly from the first half of 2012 and is significantly higher than the five year average.
  
• Pricing Remains Stable: The average price per square foot of office condominium sales in the second half of 2012 has increased to $488 per square foot. Pricing is still significantly off the five year average of $586 per square foot.
  
• Reduced Availability: The availability of office condominium units for sale has reduced to approximately one million square feet. Over 50% of the available units are in just two buildings; 40 Rector Street and Extell’s International Gem Tower.

Rudder Property Group is a commercial real estate brokerage firm specializing in the sale of office condominiums. With over a decade of experience in this niche market, the principals of Rudder Property Group have sold over 600,000 square feet of office condominiums with a dollar value in excess of $260 million. In the small, highly specialized field of commercial condominium sales, Rudder Property Group is the market leader.

The RPG Office Condominium Report can be downloaded at www.rudderpg.com/Publications. For more information about Rudder Property Group's services and the Manhattan office condominium market, please contact me at (646) 415-6168.

Best regards,