April 30, 2014

Dear Friends and Colleagues:

I am writing to inform you that there has been a significant price reduction on the 13th floor office condominium for sale at 633 Third Avenue, between 40th and 41st Streets. The asking price is now $685/RSF for the 19,930 RSF floor, a dramatic reduction from the original asking price of $825/RSF.

At the new asking price, the 13th floor of 633 Third Avenue is a tremendous opportunity for users and investors for the following reasons:

• Best Building for the Lowest Price: 633 Third Avenue, a one million square foot, Class A office building, has long been considered the best office condominium building in the City. At the new asking price, it is one of the lowest priced office condos citywide.
  
  
• Owning Costs Less than Leasing:  At $685/RSF, the cost to own, including mortgage payments, common charges and real estate taxes (if applicable), is less than the cost of leasing comparable space.
  
  
• Division: The majority of the activity from prospective purchasers is for a partial floor, however the sellers have been resistant to dividing the floor. A purchaser can acquire the full floor and then sell or rent a portion of the floor and earn a significant profit.
  
  
• Low Pricing: The current asking price is lower than some of the recent sales in the building. The price is also lower than sales that have recently occurred in office condominium buildings that are inferior in quality and location.
  
  

For more information on the 13th floor office condominium at 633 Third Avenue, or to view the property’s video, please visit www.rudderpg.com/633third or contact me at (212) 966-3611.

Best regards,