Our track record and success in the office condominium sector has produced strong results for our organization historically and we continue to target new investments in this space. Our turnkey operation expedites the entire process, ensuring that our buyers receive all of the services and expertise needed to acquire an office condominium in the most expeditious manner.
New York, N.Y. (PRWEB) July 29, 2010
Philips International, New York's preeminent owner, developer and manager of office condominiums, announced today that sales at their newest development, Grand Park Office Condominiums at 110 East 40th St., remain strong. The building continues to attract small to mid-sized businesses looking to purchase office space in a prime midtown Manhattan location.
Grand Park Office Condominiums is an ideal option for investors and users alike.
Office condominiums work much like their private housing counterparts: rather than renting office space, buyers can purchase it, providing a level of control with numerous benefits, including significant tax advantages; the opportunity to build equity; property appreciation; return on investment in infrastructure improvements; predictable, stable monthly expenses; and protection against escalating rents.
"The demand for office condominiums is incredibly strong, especially in Manhattan," stated Seth Pilevsky, managing director of Philips International. "Our commercial condominiums, which provide owners with complete control over their occupancy terms, have appealed to both investors and users seeking prime space with long-term price appreciation."
Another significant attraction of Grand Park Office Condominiums is its location. Located at 40th Street and Park Avenue, the building is at the heart of the Grand Central District - a prestigious Manhattan location defined by its many hotels, restaurants and luxury residences. Grand Park is also two blocks from Grand Central Terminal, the terminus of the Metro North commuter lines, and the Metropolitan Transportation Authority's four, five, six and seven routes and 42nd Street shuttle, making it an ideal location for building employees and visitors.
In addition to the Park Avenue location and convenient access to public transportation, the property is also in close proximity to nearby New York University Medical Center, located at 550 First Ave. between 30th and 33rd Streets, making Grand Park an ideal destination for medical practices.
"Grand Park is an example of how our diverse platform positions Philips International to compete effectively in a variety of niche markets," stated Michael Pilevsky, managing director of Philips International. "Our track record and success in the office condominium sector has produced strong results for our organization historically and we continue to target new investments in this space. Our turnkey operation expedites the entire process, ensuring that our buyers receive all of the services and expertise needed to acquire an office condominium in the most expeditious manner."
Originally built in 1916, the nine-story, 99,000-square-foot building is nearing completion of its multimillion dollar repositioning. Demand has been strong among boutique firms and medical professionals who have been attracted to the building's Park Avenue prestige and, in particular, its luxury setting for visiting clients or patients.
Grand Park Office Condominiums offers condominium suites from 2,500 square feet to full floors of 11,800 square feet.
For more information on Grand Park Office Condominiums at 110 East 40th Street, please visit the website at http://www.grandparkofficecondos.com.
About Philips International
Founded over 30 years ago by Philip Pilevsky, Philips International is one of the most active investors and developers in the real estate industry. Philips International specializes in the acquisition, development and management of property in the retail, office, residential and hotel sectors. The company's holdings span more than 200 properties and include such notable assets as the Bryant Park Hotel in Manhattan; The Corner, a new luxury rental building on the Upper West Side of Manhattan; and Grand Park Office Condominiums, a new office condominium development in midtown Manhattan at 40th Street and Park Avenue.
Philips International has offices in New York, Delaware, Florida and Texas. For more information, visit their website at http://www.pihc.com.