July 23, 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 first 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:

• The International Gem Tower Boosts Sales: The office condominium market soared in the first half of 2013 partly due to the first round of closings that occurred at Extell’s newly constructed International Gem Tower (IGT) at 50 West 47th Street. In the first half of 2013 there were 82,076 square feet of recorded sales at the IGT which averaged $859 per square foot.
  
• Pricing Hits a Five-Year High: In the first half of 2013, with the help of the IGT sales, there was a total of $168,156,977 in sales, the highest amount in five years. The sales averaged $631 per square foot, which is 29% higher than the sales in the second half of 2012.
  
• Scarcity of Product: The availability of office condominium units for sale has been reduced to approximately 790,000 square feet, an 8.7% availability rate. Over 60% of the available units are in just two buildings; IGT and 40 Rector Street.

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 600,000 square feet of office condominiums with a dollar value in excess of $260 million. In the small, highly specialized field of office 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 (212) 966-3611.

Best regards,