RPG Office — main workspace

Rudder Property Group's Office Condominium Unit

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RPG Office — main workspace
RPG Office — conference area
RPG Office — open layout
RPG Office — lounge area
RPG Office — workstation detail
RPG Office — interior view
36 West 44th Street — building exterior
The Bar Building — lobby
Building common area
Building hallway and details
Midtown Manhattan location

We are pleased to share the details of our office condominium purchase at the iconic Bar Building, 36 West 44th Street, Suite 1411, New York, NY

1,315 RSF | Completed June 2019

In June 2019, Rudder Property Group completed the construction of our recently purchased office condominium. We are pleased to share the details of our purchase at the iconic Bar Building to help other companies going through the office condominium purchase process. As specialists in commercial condominium sales, we believe in full transparency and hope our experience provides a useful reference point for prospective buyers.

1,315

RSF

$1,756,000

Total Investment

$1,335

Per RSF

83%

Loan to Cost

Financial Breakdown

CategoryTotalPer RSF
Purchase Price$1,456,000$1,100/RSF
Construction Costs$250,000$190/RSF
Closing Costs$50,000$38/RSF
Total Investment$1,756,000$1,335/RSF

Financing Details

Equity$306,000
Loan Amount$1,450,000 (83% loan to cost)
Interest Rate4.5%, 25 year amortization
Ownership Costs (incl. mortgage)$120,000/yr ($91.25/RSF) — 25% toward principal
Common Charges / RE Taxes$22,000/yr ($16.72/RSF)

Vendor Credits

The professionals who made our space possible

ContractorMark Azzopardi, KNG Construction Co.
ArchitectureJoe Jattuso, Jattuso Architecture
LegalShaun Pappas, Starr Associates LLP
LenderMario DiCerbo, Bank of America
TitleMichelle Kleger, Kensington Vanguard
EngineeringJack Green Associates
ExpeditingWilliam Vitacco Associates
Wall SystemModernfold Styles
FlooringPID
LightingFlos Aim
Lighting ControlsLutron
HVACFujitsu
FurnitureRoom & Board
Filing CabinetsPoppin
ArtLindsey Wilner & Michael McGrath
DesignMAA Studio