Commercial condo sales on rise downtown and midtown.

Businesses are jumping at the opportunity to own their own space, despite the soft office lease market, reports Bruce Sinder, president of Sinvin Realty, the agent for several commercial condominiums in downtown and midtown Manhattan.

"The pundits who wrote off office condos in Manhattan have been proven wrong," says Mr. Sinder. "There are many companies who recognize both the long-term investment value of an office condominium purchase and the built-in protection against a rise leasing costs as the economy improves and demand surges.

"While there is not a lot of commercial condo product on the market at this time, buyers have been writing checks this summer and it is as much an endorsement for the condo market as it is a vote of confidence in the future of New York," says Mr. Sinder, who cited 145 Hudson Street, one of the city's newest commercial condo conversions as an example of market activity.

In a recent two-week period alone, Sinvin, acting as exclusive agent sold three commercial units at one of the city's newest office condo conversions, 145 Hudson Street in the Hudson Square section of downtown Manhattan, according to Sinvin vice president Roxanne Betesh.

The building is a commercial condo from the basement through the 5th floor, while floors 6 to 14 and the penthouse are residential condos.