February 10, 2014

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 2013 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:

• Scarcity of Supply: The availability of office condominium units for sale is at a record low. The lack of office condominium availability has resulted in a very slow year for sales. Until there is a significant increase in office condominium availability the sales statistics will remain well below the five year average.
  
• Downtown's Pricing Impact: The Downtown submarket’s pricing is 41% lower than the Midtown and Midtown South submarkets. The average sales at Downtown buildings like 40 Rector Street and 40 Broad Street are nearly $270 per square foot less than the citywide average.
  
• Why We Purchased: In this Report, we provide specific details about Rudder Property Group’s recent purchase of an office condominium at 14 East 4th Street in Greenwich Village.

Rudder Property Group specializes in the sale of office condominiums in the New York Metropolitan area. With over a decade of experience in this niche market, the principals of Rudder Property Group have sold over 650,000 square feet of office condominiums with a dollar value in excess of $280 million. In the small, highly specialized field of office condominium sales, Rudder Property Group is the market leader.

The attached RPG Office Condominium Report can also 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 (212) 966-3611.

Best regards,