Adelaide Polsinelli, Vice Chairman of Compass, a publicly traded, technology-driven real estate platform, has been hired to exclusively market for sale a package of 18 office, co-op units, located at 115 and 143 West 29th Street, at the gateway of the Nomad neighborhood in New York City.
The properties consists of three floors of office space containing 18 individual offices. All of the offices are leased with the exception of five, creating a perfect situation for an owner user who can occupy the space for their business while benefitting from in-place cash flow. The units can be sold as a package or separately. Buying office space versus leasing has the added advantage of control over unpredictable rent increases or lease renewal uncertainty.
The package is conveniently located between Sixth and Seventh Avenues, with easy access to all forms of transportation. The property is within a short walking distance to Penn Station, Herald Square and Madison Square Garden, as well as the city’s most sought after hotels such as the Ace, Nomad, Eventi Hotels, and the very exciting, newly built,Virgin Hotel
“The benefits of office unit ownership are numerous,” remarked Adelaide Polsinelli. “The price of an office building in the city is much higher than that of an office co-op without the headaches of management. Owning an office co-op is an easier and less expensive proposition for someone wanting to get into the business of owning commercial real estate in Manhattan,” continued Polsinell.
“This property offers the stable advantage of having the lowest real estate taxes and common charges as compared to other office units in Manhattan” noted Polsinelli. “Because office co-ops and condos are in limited supply, they are a favorable hedge against inflation, retain their value during uncertain times,” concluded Polsinelli.