Rudder and Feinberg of Time Equities broker $4.2 million condo sale

125 Maiden Lane - New York, NY

Michael Rudder

New York, NY Time Equities Inc. (TEI) has sold two office condominiums to two non-profit companies at 125 Maiden Ln.; 3,837 s/f to the American Vacuum Society (AVS) for nearly $2.5 million and 3,434 s/f to the Community for Education Foundation for $1.72 million.

AVS is a non-profit professional society that promotes communication between academia, government laboratories and industry for the sharing of research and development findings over a broad range of technologically relevant topics. Since its inception in 1953, the organization has grown to 6,000 members around the nation with 17 local chapters. AVS is moving to 125 Maiden Lane from a leased space at 120 Wall St.; the Maiden Lane property will serve as AVS' national headquarters. Time Equities' director of office leasing and sales, Michael Rudder, and David Feinberg, Esq., also of Time Equities, represented the seller while Nancy Weinstein of Cresa Partners represented the AVS.

Founded in 1992, the Community for Education Foundation developed a system, Overcoming Obstacles, to help educators teach young people the relevant skills that everyday life demands. Today, Overcoming Obstacles is used by thousands of teachers across the country in their classrooms to teach skills such as communication, decision making and setting goals. Rudder and Feinberg represented Time Equities while Tim Bennett of Hunter Realty Organization represented the Community for Education Foundation in the transaction.

"Some people thought we were taking a risk when we brought the first office condo to Lower Manhattan last year," said Rudder, "But the overwhelming response and fast pace of sales has shown the market is ripe for this space. Office condos are particularly ideal for non-profits like AVS and the Community for Education Foundation, which receive tax exceptions for property ownership that make purchasing an office condo easily the most profitable option."