Time Equities sells 11,294 s/f office condominium for $5.1 million; Harold and Diane Siegel of Norman Bobrow rep buyer

Time Equities, Inc. has completed the $5.1 million sale of an 11,294 s/f office condo at 70 West 36th St. KGK Group purchased the entire sixth floor of the building. The company will use the new office condo as its New York headquarters. "We are pleased with the continued success of the office condominium program at 70 West 36th St. The Manhattan real estate market continues to provide demand for this particular product even during a difficult economic downturn. Companies such as KGK realize the many advantages of owning an office condominium over renting office space in Manhattan," said Scott MacWhinnie, director of sales and office leasing for Time Equities. Harold and Diane Siegel of Norman Bobrow & Co. Inc. represented the buyer. 70 West 36th St. was built in 1923. The 16-story office tower offers companies the opportunity to purchase their office space and reap the many benefits of ownership including capital appreciation, tax savings and control. Other office condominium owners at 70 West 36th St. include non-profits, fashion companies and several firms that offer professional services.