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OFFICE CONDOS; M. MOSER'S BASH

WASHINGTON DC 05.08.2017

MONTGOMERY COUNTY STATE OF THE MARKET

Featuring an Interview of Marriott CEO Arne Sorenson

Arne Sorenson -- Marriott International
Mike Gill -- The State of Maryland
Barry Glassman -- Glassman Wealth Services
OFFICE CONDOS;  M. MOSER'S BASH
Class A office space may be weaker, but another office product is gaining again—condos. We met with Winoker Realty's Jonata Dayan and her sons Adam and Jonathan Ben-Dayan at 800 Second Ave to discuss the market.
OFFICE CONDOS;  M. MOSER'S BASH
There was a big lull in sales from December through February, but Jonata says the trio is back to 12-hour, and sometimes longer, days. (No more time for trips to Vegas, Florida and Israel, she adds.) They're seeing interest pick up in the condos from foreign buyers, especially Cyprus, France, and Bangladesh, and services firms like law, accounting, IT, marketing, and architecture. Right now, Adam and Jonathan's biggest problem is not the market, but trying not to call Jonata "Mom" at the office.
OFFICE CONDOS;  M. MOSER'S BASH
Jonata tells us there's been renewed interest and movement as tenants begin to realize the value of owning; when you leave space after a lease, it has no value, but office condos have appreciated an average 5% per year. Values have doubled over the past decade, even with the 30% drop in this market, Adam adds. Jonata says there are commitments on four of the nine units on 800 Second's eighth floor. The team's also selling space at 22 W. 21st, 148 W. 24th, 131 W. 35th and a retail condo at 323 W. 39th.
Related Topics: Winoker Realty, Jonathan Ben