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Time Equities

55 Fifth Avenue, 15th Floor
New York, NY 10003
212-206-6000
Website
Time Equities
Time Equities is a full-service real estate firm, with interests in residential, commercial, and industrial spaces. The firm has a number of “firsts” in its timeline, including one of the largest cooperative conversions, of a Brooklyn apartment complex, in New York City at that time in 1982. It also was behind one of the first residential-to-commercial conversions two years later under the city’s new zoning regulations. Founded as T.C.C. Productions in 1965, it officially changed its name four years later in 1969. Today, the firm has holdings all across the United States, with roughly 20 million square feet of property, including space in Germany and Canada. It also has a boutique brokerage arm, which it launched in 2008 and that focuses on rentals in New York City and New Jersey. Among its most prominent properties are 50 West Street and 633 Third Avenue. Time Equities is also active in a number of charities, including Downtown Alliance and The Lower Manhattan Cultural Council.
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new development chiefs fb
03/15/16
Condominium construction hit record highs in Manhattan over the past year, with hundreds of new high-end homes rising across the borough. With luxury condo inventory at...
Francis Greenburger ft
03/09/16
After his mentally ill son, Morgan, was convicted of arson four years ago, Time Equities chair and CEO Francis Greenburger experienced firsthand the futility of...
Chiefs-of-staff-FB
02/29/16
Hear the words “chief of staff,” and one may conjure up an image of Rahm Emmanuel preparing for a battle with lawmakers, or, for “The...
madison fb
02/26/16
Madison Equities and the Pizzarotti Group’s 1,000-foot condo tower at 45 Broad Street will be a soaring golden colossus with a slim midsection and a...
lupferfbox
02/24/16
From the outset, Trinity Church’s decision to develop a luxury condominium in Lower Manhattan seemed at odds with its commitment to community service and low-income...
220 CPS 50 West Street 30 Park Place thumb
02/09/16
UPDATED: Feb. 9, 11:40 a.m.: Buyers who get in early on new condominium developments may shoulder more risk, but they’re typically rewarded with a perk:...
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02/08/16
Did you know Sunset Park, the off-the-condo’d-path land of beef tongue and dim sum, is getting condos from major Manhattan developer Time Equities? Or that...
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12/01/15
Residential listings database Nestio just raised $8 million in a Series A fundraising round, CEO Caren Maio told The Real Deal. Trinity Ventures led the round,...
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11/19/15
New York City’s top developers are becoming all too aware of a slowdown on the top end of the real estate market. Though there are...
Finn Wentworth thumb
11/11/15
A 110,000-square-foot warehouse and office space in Long Island City changed hands this week, with the new owners possibly eyeing an office redevelopment. Tags: long island...
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11/09/15
Time Equities and Hamlin Ventures’ residential conversion of the historic St. Patrick’s Old Cathedral School in Nolita is well underway, with condo sales kicking off...
ft34-prince-street
11/07/15
There is nothing cookie cutter about Time Equities and Hamlin Ventures’ residential conversion of St. Patrick’s Old Cathedral School in Nolita. That’s because each of...
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10/12/15
So you dropped half a million on a condo on the 30th floor, but you can’t use your cell phone. It’s a sacrifice many buyers aren’t...
KingandSullivanfeatured
10/01/15
Buyers are signing on the dotted line for Sanba Partners’ new construction townhouses in Red Hook, where 12 out of 22 homes have sold within...
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09/27/15
From the August 2014 issue: In 2010, developer Sharif El-Gamal sparked a national firestorm when he announced plans to build Park51, a 15-story Islamic cultural...
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09/24/15
From left: Gary Barnett, Ziel Feldman, Ben Shaoul, Jeff Blau and Aby Rosen In the 1990s, Gary Barnett, Ziel Feldman and Kevin Maloney were principals...
Pyramid-Schemes-twitter
09/23/15
The developers behind three of Manhattan’s tallest condo towers are engaging in pyramid schemes. Ian Bruce Eichner, Fisher Brothers and Francis Greenburger’s Time Equities are...
7633-Third-Ave feat
09/21/15
Why rent when you can buy? As rents rise, more and more small and mid-size firms and nonprofits are opting to buy their work spaces...
10 Hudson Yards-
07/06/15
Work resumed at the Hudson Yards project and other construction sites around the city Monday, after a federal judge ordered New York City Distrcit Council...
10 Hudson Yards-
07/01/15
Construction work came to a halt on Wednesday at 30 New York City sites as cement workers went on strike following the expiration of a...
028 Day in the Life-Greenburger se FINAL.indd
06/23/15
Francis Greenburger’s Time Equities is converting the Venetian rental building in Brooklyn’s Midwood neighborhood into condominiums. Tags: brooklyn condos, Francis Greenburger, sitt asset management, time...
388 bridge street roger fortune 50 west francis greenburger-
05/22/15
UPDATED, May 26, 6:07 p.m.: When developers and brokers make the decision to live in the projects they’re attempting to sell, it lends them an...
Time Equities Brooklyn Heights
04/29/15
The co-op board for a seven-story Brooklyn Heights building developed by Francis Greenburger’s Time Equities is putting the property on the market for $30 million,...
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04/28/15
UPDATED, 1:07 a.m., April 28: When thinking about supertall, record-breaking and gravity-defying residential towers in New York, the ones that first come to mind are...
108 Chambers Street and Jeffrey Simpson
04/28/15
From left: 224 Mulberry Street, 108 Chambers Street and Jeffrey Simpson From the $18.7 million sale of a Chinatown development site to Packer Collegiate College's...
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Time Equities
55 Fifth Avenue, 15th Floor, New York, NY, 212-206-6012
Jonathan Merrill is director of acquisitions and development at full-service real estate firm...
Time Equities
55 Fifth Avenue, 15th Floor, New York, NY, 212-206-6173
Richard Recny is director of asset management at full-service real estate firm Time...
Time Equities
55 Fifth Avenue, 15th Floor, New York, NY, 212-206-6000
Robert Kantor is president and chief operating officer at full-service real estate firm...
Time Equities
55 Fifth Avenue, 15th Floor, New York, NY, 212-206-6155
Scott Klatsky is director of retail leasing and project director of retail acquisitions...
  • Event Office Leasing
  • Address 55 Fifth Avenue
  • Neighborhood Greenwich Village
  • Borough Manhattan
  • Square feet 4,600
  • Publication Date 08/01/2014
  • Event Date 06/22/2014
  • Party 1 Time Equities
  • Party 1 Brokerage In-house
  • Party 2 E-Buzzing
  • Party 2 Brokerage Bertwood Realty
  • Party 2 Broker Bertrand de Soultrait
notes
The digital advertising company signed a seven-year lease.
  • Event Financing
  • Address 50 West Street
  • Neighborhood Financial District
  • Borough Manhattan
  • Publication Date 10/01/2013
  • Event Date 08/22/2013
  • Party 1 Time Equities
  • Party 2 PNC Bank, Wells Fargo, Elliott Management
notes
A $400 million construction loan was provided for the development. The debt financing came from PNC Bank, which led a $288 million loan syndication that also includes Wells Fargo and other major banks. Time Equities also secured $110 million in equity financing from hedge fund management firm Elliott Management for the tower. 63-story apartment building.
  • Event Financing
  • Address 9 Dutch Street
  • Neighborhood Financial District
  • Borough Manhattan
  • Square feet 42,798
  • Price $ 6,000,000
  • Publication Date 09/01/2009
  • Event Date 07/23/2009
  • Party 1 Time Equities
  • Party 1 Brokerage CBRE
notes
A $6 million fixed-rate first mortgage was arranged to refinance the loan on the property. The non-recourse loan was arranged with a five-year term on a 30-year amortization schedule at a fixed rate of 5.57 percent. The building includes 18 residential units, four of which are being renovated, and two commercial units. 6-story mixed-use building.
  • Event Financing
  • Address 485 Central Park West
  • Neighborhood Upper West Side
  • Borough Manhattan
  • Publication Date 04/01/2008
  • Event Date 02/21/2008
  • Party 1 Brokerage Time Equities
notes
A $2.5 million loan with a fixed rate of 5.59 percent over a 10-year term was arranged for the multifamily property. 67-unit apartment building.
  • Event Financing
  • Address 131 West 33rd Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 162,043
  • Price $ 63,000,000
  • Publication Date 04/01/2008
  • Event Date 02/21/2008
  • Party 1 Brokerage Time Equities
notes
A $63 million first and second mortgage was arranged for the property to fund capital improvements, marketing costs and condominium conversion fees.
  • Event Financing
  • Address 633 Third Avenue
  • Neighborhood Murray Hill
  • Borough Manhattan
  • Square feet 781,596
  • Publication Date 04/01/2008
  • Event Date 02/21/2008
  • Party 1 Brokerage Time Equities
notes
A $115 million loan was arranged for office condominiums totaling 181,624 square feet on floors 31 through 39. The loan was used to refinance existing debt and featured an $85 million fixed-rate component and a $30 million floating-rate component. comm. building.
  • Event Financing
  • Address 230 East 27th Street
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Publication Date 04/01/2008
  • Event Date 02/21/2008
  • Party 1 Brokerage Time Equities
notes
A $4.91 million loan with a fixed rate over a five-year term was arranged for the walk-up property. The deal also carries a five-year option with a variable interest rate. 6-story apartment building, 25 units total.
  • Event Financing
  • Address 605 West 141st Street
  • Neighborhood Hamilton Heights
  • Borough Manhattan
  • Publication Date 04/01/2008
  • Event Date 02/21/2008
  • Party 1 Brokerage Time Equities
notes
A $5 million loan with a fixed rate over a five-year term was arranged for the elevator building. 6-story apartment building, 28 units total.
  • Event Financing
  • Address 70 West 36th Street
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 162,043
  • Price $ 64,500,000
  • Publication Date 07/01/2007
  • Event Date 05/22/2007
  • Party 1 Brokerage Time Equities
  • Party 1 Broker Stuart Bruck
notes
A $64.5 million first mortgage was arranged for the acquisition of the building. The loan is equal to 90 percent of the project cost with an interest rate of LIBOR plus 2.2 percent. 16-story office building.
  • Event Financing
  • Building Name 41-43 John Street
  • Address 41 John Street
  • Neighborhood Financial District
  • Borough Manhattan
  • Publication Date 04/01/2008
  • Event Date 02/21/2008
  • Party 1 Brokerage Time Equities
notes
A $4.1 million loan with a fixed rate of 6 percent over a five-year term was arranged for the properties. The financing was used to consolidate the existing debt on the buildings. Two 4-story apartment buildings.
  • Event Financing
  • Address 38 Park Row
  • Neighborhood Financial District
  • Borough Manhattan
  • Square feet 6,000
  • Price $ 6,375,000
  • Publication Date 03/01/2007
  • Event Date 01/20/2007
  • Party 2 Stuart Bruck, Time Equities
notes
A $6.375 million first leasehold mortgage was provided for the retail space on the ground floor of an 11-story building with residential co-ops above. The loan term is seven years, with a 30-year amortization schedule and a fixed interest rate of 6.31 percent. retail space
  • Event Financing
  • Address 125 Maiden Lane
  • Neighborhood Financial District
  • Borough Manhattan
  • Publication Date 03/01/2007
  • Event Date 01/20/2007
  • Party 2 Stuart Bruck, Time Equities
notes
A $20 million loan was secured by unsold retail and office condominiums. The loan has a term of seven years with interest rates set at 1.75 percent over the yield on U.S. Treasury bonds. Commercial condos
  • Event Sales
  • Address 134 West 93rd Street
  • Neighborhood Upper West Side
  • Borough Manhattan
  • Price $ 17,100,000
notes
The 57,750 square foot property sold for $17.1 million, which represents a capitalization rate of 2.88 percent, a gross rent multiple of 17.66, and a per square foot price of $296. The nine-story property comprises 26 two-bedroom, 24 one-bedroom, and three studio apartment units. Of the 53 units, 25 are rent stabilized, 19 are free market and nine are rent controlled. The purchaser intends to convert the pre-war building to condominiums.
  • Event Sales
  • Address 70 West 36th Street
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 160,000
  • Price $ 61,500,000
  • Publication Date 10/01/2007
  • Event Date 08/22/2007
  • Party 2 Time Equities
  • Party 2 Brokerage in-house
  • Party 2 Broker Bijan Karimian
notes
The building sold for $61.5 million. The buyer plans to convert it to office condominiums.
  • Event Sales
  • Address 70 West 36th Street
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 3,735
  • Price $ 1,770,000
  • Publication Date 07/01/2010
  • Event Date 05/22/2010
  • Party 1 Time Equities
  • Party 1 Brokerage Time Equities
  • Party 1 Broker Michael Rudder, Michael Heller
  • Party 2 Idea Group Inc.
  • Party 2 Brokerage Hopp Properties
  • Party 2 Broker Maggie Hopp
notes
The office space sold for $1.77 million.
  • Event Sales
  • Address 70 West 36th Street
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 5,428
  • Price per foot $ 550.00
  • Publication Date 09/01/2010
  • Event Date 07/23/2010
  • Party 1 Time Equities
  • Party 1 Brokerage In-house
  • Party 2 Amikam Paras
  • Party 2 Brokerage CBC Hunter Realty
  • Party 2 Broker Richard Gottlieb, Wayne Siegel
notes
The jewelry manufacturer bought an office condo. The sales price was not disclosed, but the unit had an asking price of about $3 million, or $550 per square foot.
  • Event Sales
  • Address 70 West 36th Street
  • Neighborhood Garment District
  • Borough Manhattan
  • Price $ 1,000,000
notes
The office condo unit sold for just under $1 million.
  • Event Sales
  • Address 131 West 33rd Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 15,217
  • Price $ 6,900,000
  • Price per foot $ 453.00
  • Publication Date 12/01/2009
  • Event Date 10/22/2009
  • Party 1 Brokerage Time Equities
  • Party 1 Broker Michael Rudder, Michael Heller
  • Party 2 Progressive Credit Union
  • Party 2 Brokerage Murray Hill Properties
  • Party 2 Broker AJ Camhi
notes
The commercial condo sold for $6.9 million, or $453 per square foot.
  • Event Sales
  • Address 131 West 33rd Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 6,333
  • Price $ 3,000,000
  • Price per foot $ 474.00
notes
The office condo sold for $3 million, or $474 per square foot.
  • Event Sales
  • Address 131 West 33rd Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 8,200
  • Price $ 4,300,000
notes
The office condo sold for $4.3 million.
  • Event Sales
  • Address 131 West 33rd Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 6,187
  • Price $ 2,900,000
  • Publication Date 06/01/2013
  • Event Date 04/22/2013
  • Party 1 Time Equities
  • Party 1 Brokerage Time Equities
  • Party 1 Broker Brandon Medeiros
  • Party 2 F.D. Worldwide Merchandise Group
  • Party 2 Brokerage Winoker Realty
  • Party 2 Broker Corey Abdo, Roy Somwaru, Adam Ben-Dayan
notes
The 17th-floor office condo sold for $2.9 million.
  • Event Sales
  • Building Name 127-135 West 33rd Street
  • Address 127 West 33rd Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 171,000
  • Price $ 70,500,000
notes
The commercial building sold for $70.5 million. It comprises 152,000 square feet of office space and 19,000 square feet of retail space. The sellers made a quick profit on the property: They purchased the building in May for $43 million. The buyer could convert the space into office condos.
  • Event Sales
  • Address 633 Third Avenue
  • Neighborhood Murray Hill
  • Borough Manhattan
  • Square feet 185,000
  • Price $ 100,000,000
  • Price per foot $ 540.00
  • Publication Date 01/01/2007
  • Event Date 11/22/2006
  • Party 1 Empire State Development Corp.
  • Party 1 Brokerage CBRE
  • Party 1 Broker William Shanahan
  • Party 2 Time Equities
  • Party 2 Brokerage Time Equities
  • Party 2 Broker Francis Greenburger
notes
Floors 31 through 39 of the 41-story office tower sold for $100 million, or $540 per square foot. The Empire State Development Corp. will relocate six of its nine floors of office space downtown during the Third quarter of 2007, but has renewed its lease for the governor's offices on the 38th and 39th floors for an additional four years. The comptroller's office on the 31st floor will also remain in the building.
  • Event Sales
  • Building Name 38-40 Stuyvesant Street
  • Address 38 Stuyvesant Street
  • Neighborhood East Village
  • Borough Manhattan
  • Square feet 18,900
  • Price $ 5,500,000
  • Publication Date 05/01/2006
  • Event Date 03/22/2006
  • Party 1 Melanie Barrera
  • Party 1 Brokerage Craig Leuzzi & Associates
  • Party 1 Broker Craig Leuzzi
  • Party 2 Time Equities
  • Party 2 Brokerage Time Equities
  • Party 2 Broker Michael Greenburger
notes
The six-story building, which was acquired for $5.5 million, comprises 10 three-bedroom units and two two-bedroom duplexes. Buyer will convert the building to condominiums. The acquisition was financed by M & T Bank through Stuart Bruck at Time Equities.
  • Event Sales
  • Address 2 South End Avenue
  • Neighborhood Battery Park City
  • Borough Manhattan
  • Square feet 5,475
  • Price $ 3,600,000
notes
The retail component of the Cove Club residential building sold for $3.6 million. The retail units range in size from 565 square feet to 3,000 square feet.
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