The Real Deal New York

Posts Tagged ‘time equities’

  • venetian

    From left: Francis Greenburger, 421-447 Avenue P in Brooklyn and Stephen Shapiro

    Francis Greenburger’s real estate development firm Time Equities entered contract on Tuesday to acquire the six-story Venetian rental building in Brooklyn’s Midwood neighborhood for $27 million, The Real Deal has learned. [more]

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  • From left: 50 West rendering and interior rendering

    From left: 50 West rendering and interior rendering

    Time Equities has launched sales at its 64-story luxury residential tower at 50 West Street and Rector Street. Following a 30-day pre-sale period, 30 percent of the building’s 191 units have already sold. [more]

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  • 158-Tabak-Time

    From left: 158 Lafayette Street (Photo: PropertyShark), Eli Tabak, Scott Klatsky (top) and Hy Schermer

    UPDATED, 12:55 p.m., April 3:  A joint venture of the Bluestone Group and Princeton Holdings closed today on the $18.35 million purchase of an L-shaped office and retail building in Soho adjacent to the Mondrian Soho hotel, The Real Deal has learned. [more]

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  • A penthouse unit sold at the Gretsch Building at 60 Broadway in Williamsburg for $4.2 million (Photo credit: PropertyShark)

    Gretsch Building at 60 Broadway in Williamsburg (Photo credit: PropertyShark)

    The total dollar volume of home sales recorded in Brooklyn and Queens rose in January from the same month a year ago, with a condominium in Williamsburg and a home in Whitestone topping each borough’s list of the top five sales recorded in the month. more

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  • helmut-jahn-and-greenburger.jpg

    50 West Street and Francis Greenburger

    Time Equities has tapped the Marketing Directors to handle sales and marketing for Francis Greenburger’s resurgent 50 West Street, the developer’s 63-story luxury condominium tower.

    Slated for completion in 2016, 50 West kicked off marketing last month with a teaser website launch and virtual video. Architect Helmut Jahn designed the property, while interior designer Thomas Juul-Hansen outfitted the interior. [more]

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  • st-patricks

    From left: 32 Prince Street, Francis Greenburger and Abby Hamlin

    Time Equities and partner Hamlin Ventures are in contract to purchase the St. Patrick’s Old Cathedral School in Little Italy, according to a spokesperson for the developers. [more]

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  • Francis Greenburger and a rendering of 50 West Street (via DBOX)

    Francis Greenburger and a rendering of 50 West Street

    Time Equities’ Francis Greenburger has closed on a nearly $400 million financing deal that enables him to build a 63-story residential tower in Lower Manhattan. The Helmut Jahn-designed building at 50 West Street will overlook Battery Park and the Hudson River. Construction is slated to begin this fall and finish by 2016. Greenburger has owned the site since 1983, but plans for the building were put on the back burner when the financial crisis hit. [more]

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  • NestSeekers’ Ryan Serhant received a $30,000 Breitling wristwatch as a gift.

    Ryan Serhant received a $30,000 Breitling wristwatch as a gift

    From the August issue: Long gone are the days of a handwritten thank-you note or a basket of fruit. In today’s tight housing market, buyers and sellers are giving much flashier presents to their brokers for a job well-done — jewelry, European vacations, even pets.

    Parisse, a Maltese, came to Javier Lattanzio at Christmastime, a gift from a couple who wanted to show their appreciation for his hard work in selling their Fifth Avenue apartment a year earlier. [more]

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  • Francis Greenburger and 633 Third Avenue

    Francis Greenburger and 633 Third Avenue

    Time Equities is giving a sweet deal to two of its Midtown East tenants, saving millions of dollars in rent for the governor’s office and the city of New York, Crain’s reported.

    The governor’s office and the city’s Empire State Development Corp. have renewed leases in the 40-story Time Equities building at 633 Third Avenue, on the corner of Third Avenue and East 41st Street. [more]

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  • 251 19th Street and Francis Greenburger

    Time Equities has paid $8.1 million for two residential rental buildings in Brooklyn’s Greenwood Heights, city records filed today show. Francis Greenburger, the developer’s chairman and CEO, told The Real Deal that the buildings would be operated as rentals, but could be considered for a condominium conversion in the future. [more]

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  • From left: 114 Fulton Street and Lightstone Group president Mitchell Hochberg

    The Lightstone Group has purchased a cluster of three buildings on Fulton Street in Lower Manhattan, as well as air rights for three adjacent properties owned by Time Equities, according to city records. The deal is worth roughly $63 million, sources familiar with the transaction told The Real Deal. Moreover, Lightstone has permission to demolish the three buildings, one source said, and may develop a mixed-use property. According to The Real Deal’s calculations, the development could exceed 300,000 square feet. Meir Milgraum, Lightstone’s director of acquisitions, orchestrated the deal, which had been in the works for several months, a source said. The development site is nestled between Fulton, Nassau, Dutch and John Streets. … [more]

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  • 350 Bleecker Street

    American Realty Capital New York Recovery REIT Inc. has paid $10.9 million for the long-term master lease — which has 50 years remaining — on a retail and garage space at 350 Bleecker Street in the West Village, the New York Observer reported. The off-market deal for the 14,510-square-foot space closed on Dec. 31, partly in order to avoid the impending increase in capital gains taxes, said Cohen Real Estate’s Michael Cleeman, who represented the buyer. Cohen Real Estate’s Vera Thomas represented the seller, an entity affiliated with Time Equities. The seller had owned the property since the 1970s. The building’s 6,290 square feet of ground floor retail space is fully leased by upscale shoe store JMC Shoes and the only U.S. outlet of European retailer SP Fashions. … [more]

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  • From left: Francis Greenburger, CEO of Time Equities, 125 Maiden Lane and Flock House “Chromasphere,” an exhibit at 125 Maiden Lane.

    A program called Art-in-Buildings, which landlord Time Equities launched in the lobby of its building at 125 Maiden Lane nine years ago, will expand to other properties, the Wall Street Journal reported. The new spaces will include 223 West 10th Street, a mixed-use building in the West Village, and 51 Haddonfield Road, in Cherry Hill, N.J., the Journal said.

    The program, which puts art on display in commercial and residential buildings in New York, now has a full-time curator, the Journal said. [more]

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  • Brennan Realty Services President Donald Brennan and a rendering of the townhouse he's building at 2 Strong Place

    Several developers are planning more than a dozen new townhouses throughout Cobble Hill, the New York Post reported. Because of a lack of supply, the properties can command prices of more than $1,000 per square foot.

    Developer Donald Brennan just earned Landmarks Preservation Commission approval to begin construction on three new ground-up townhouses on Strong Place off Kane Street that will range from $3.95 million to $5.95 million ($1,018 to $1,208 per square foot). They’re slated to be finished next year. [more]

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  • Andrew Cuomo and 633 Third Avenue

    Time Equities has put Governor Andrew Cuomo’s office space on the market for twice what it paid five years ago, the New York World reported, which lends further speculation to the Empire State Development Corp’s decision to sell the space back in November 2006. [more]

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  • Manhattan commercial condo sales on rise

    November 28, 2011 12:56PM

    Office condominium sales are on the rise in Manhattan, with particular appeal to foreign business owners, Crain’s reported.
    Indeed, 80 percent of sales at Manhattan’s 88 office condos are to
    foreign buyers. Office condo sales, which peaked at $235 million in
    2008, and dropped to around $150 million in both 2009 and 2010, are on
    the rise as investors, particularly in Europe, look to stash their cash.
    The average asking price at a Manhattan office condo has rebounded to
    $531 per square foot, though before the recession, the average asking
    price was $879 per square foot. … [more]

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  • In early 2008, Francis Greenburger’s Time Equities began demolishing three buildings at 50 West Street to make room for a $600 million, 62-story hotel and residential development. A few months later, the development was put on hold as a result of the financial crisis.
    “Market conditions were too unstable to proceed at the time,” Greenburger said. “We just secured the site and decided to wait until conditions improved.”
    Time’s prospective development was just one of many stalled construction sites on a 650-building list compiled by the city’s Department of Buildings in 2009, Crain’s reported. Now, two years later, construction is recommencing at some of those sites — about 550 sites have restarted in the two years the list has existed, including 111 Kent Avenue and 175 Kent Avenue in Williamsburg — but not as quickly as some might hope. Experts say it may take longer than it did after the last downturn in the early 1990s for all of these projects to get going again. … [more]

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  • style="border: 1px solid black;">
    Jahn’s rendering of 50 West Street and developer Francis Greenburger

    Developer Francis Greenburger’s Time Equities is putting the kibosh on speculation that a revival of its planned, Helmut Jahn-designed 50 West Street tower is imminent. Yesterday, the developer was reported to have paid $1.5 million to obtain new permits for its $600 million, 65-story hotel and condominium project, which has been shelved since 2008, causing several publications to infer that this signaled the rebirth of one of Lower Manhattan’s largest stalled developments. But contrary to those reports, Time Equities said today that such conclusions are “premature.” Time Equities did obtain new permits at the site, but only because it changed the contractor of record to Skanska after its previous contractor, HRH, decided to pursue a Chapter 7 bankruptcy liquidation in April, the company said.
    – Sarabeth Sanders[more]

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  • Helmut Jahn’s $600 million hotel and condominium tower at 50 West Street is coming back to life after a three-year hiatus during the downturn. According to the Post, developer Francis Greenburger of Time Equities paid $1.5 million last week to obtain new construction permits for the 714-foot-tall, 65-story project, which is slated to go up south of the World Trade Center site and which had previously been shelved since 2008. Curbed reported yesterday that the Department of Buildings has just issued a new permit at the time to Gruzen Samton Architects, the local architect of record (Jahn is still the design architect). Plans call for a 139-room hotel on floors four through 13 of the building, while floors 14 through 63 will contain 301 condos. … [more]

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  • Eric Anton and 110 Amity Street
    A Long Island College Hospital building at 110 Amity Street in Cobble Hill will be converted into a condominium building as part of a controversial development plan, the Brooklyn Paper reported. The landmarked Lamm Institute building and three adjacent lots at Amity and Henry streets sold to a group of investors for $6 million, according to broker Eric Anton of Eastern Consolidated, and the new owners intend to transform it into three luxury units, Cobble Hill blog reported. In 2007, the hospital sold the land for $6.1 to Manhattan-based Time Equities, which planned to convert the mansion into eight apartments and construct six, single family townhouses. … [more]

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