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Jacob Frydman Discusses the Surge in Demand for Office Condos in New York

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With demand steadily rising in this market segment, a number of prominent NYC brokers have shifted their attention to office condos.

— Many people think of New York as one of the best cities in the world for culture, entertainment and education. The Big Apple is also talked about because of its business and commercial importance. The symbol of the US financial sector is Wall Street. Additionally most of the world’s largest corporations have their headquarters in the city as well. With leading financial, communications, technology, and media companies choosing NYC as their base of operation, real estate has logically emerged as a major driver of the local economy. According to the Department of Finance, the total market value of New York properties was about $1.072 trillion in fiscal 2017, or 10.6% higher compared to 2016. Recently, there has been a considerable increase in demand for office condominiums, especially in Manhattan, which is set to witness its highest influx of new office supply since the mid-1980s, comments New York-based property expert and CEO of Frydco Capital Group Jacob Frydman.

With demand steadily rising in this market segment, a number of prominent NYC brokers have shifted their attention to office condos. "When you look at the market, you see sales falling for office, retail and residential. But commercial condos are a different story. We're projecting that segment of the market to grow," Cushman & Wakefield’s James Nelson said in an interview in 2017. As Jacob Frydman explains, rising rents in New York are largely responsible for the surge of interest in office condos. They allow enterprises to lock in their occupancy expenses, thus shielding themselves from future rent increases. Moreover, the properties appreciate in value, presenting opportunities from an investment perspective.

Recent data demonstrates the strength of the office condo market in New York, one of the latest publications coming from Rudder Property Group (RPG). According to its report for the first half of 2018, the period finished at near-record levels with regard to total square footage sold and total sales value, which reached $237 million. Notably, the market delivered its best performance to date in terms of average price per square foot, which jumped to $934, or 23% higher compared to the five-year average of $758. Commenting on the results in an interview, RPG principal Michael Rudder stated, “ The office market remains very strong. Office condominium purchasers are looking to avoid paying high rents and to reap the long-term benefits of Manhattan real estate ownership.”

With 30-plus years of experience in the real estate sector, Jacob Frydman has come to be recognized as a leading expert in structuring, financing, and executing highly complex RE transactions. Keenly focused on value-added investments, he has a track record that includes financial participation or advisory work on more than $2 billion worth of property deals. The renowned professional has shared his experience and insights as a speaker and guest lecturer at Columbia University and New York Law School, as well as a frequent commentator on CNBC, Bloomberg TV, Fox News, and other major television channels. Despite his numerous professional commitments, Jacob Frydman makes time for his humanitarian work, supporting multiple charitable organizations, among them the National Committee for Furtherance of Jewish Education (NCFJE), The Brem Foundation, and The Chabad of Duchess County.

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