July 12, 2012

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 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. In addition, this report features an interview with Doug Lasdon, the executive director of the Urban Justice Center, in which he discusses the success his organization has had with buying and selling office condominiums. The overview of the report reveals the following:

• Pricing Drops The average price per square foot of office condominium sales in the first half of 2012 has dropped to its lowest point in the past five years.
• Velocity Remains Strong The total square footage of office condominiums sold and the total dollar value of sales have exceeded the five year average.
• Downtown Emerges Despite being the smallest office condominium submarket, Downtown had the highest total square footage sold and the highest total dollar value of sales.

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 $250 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,