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7th Ave. office bldg goes condo.

7th Ave. office bldg goes condo

The 20-story office building at 305 Seventh Avenue at 27th Street is being converted into condominium ownership designed specifically to attract non-profit organizations.

Under the plan, which has been filed with the New York State Attorney General, 45 commercial units are for sale, totalling approximately 165,000 square feet of space in the building.

The sponsor is 301-5 Seventh Avenue Associates, a New York general partnership comprised of principals in Newmark & Company Real Estate, Inc., and Four Star Holding Co.

According to Jeffrey Gural, president of Newmark & Company, rentals in the area currently are in the $15 per square foot range. He said the offering plan is structured so that condominium unit owners would be paying approximately the same annual cost they would if they rented space in the building. Moreover, the offering provides for 100 percent financing for qualified purchasers.

The advantages to qualified non-profit organizations, he emphasized, are that they would not face any rental increase at the expiration of their lease, nor be forced to absorb any portion of a boost in real estate taxes that might be levied by the city in the future.

The building, which is 60 percent rented, has long been known as a center for companies in the fur industry. A branch of Chemical Bank occupies the first floor of the structure. Gural noted that "there is a strong demand among non-profit agencies not only for space but for long-term stability."

He added that Services for the Undeserved has committed to the 10th floor, and that contracts are out with two other nonprofit corporations for five additional floors.

Barbara Yagoda of Newmark & Company Real Estate, Inc., is handling the day-to-day operations of the building.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:305 7th Ave.
Publication:Real Estate Weekly
Date:Sep 11, 1991
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