Time Equities pays $8M for Greenwood Heights rental buildings

Buildings could be converted to condos

TRD New York /
May.May 06, 2013 06:00 PM

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.

The deal for 655 Fifth Avenue and neighboring 251 19th Street — a 17,716-square-foot building with 1,700 square feet of retail space and an eight-unit, 9400-square-foot residential building, respectively — closed April 29, records show.

“It’s an area that we thought was interesting, and it had potential,” Greenburger said.

The two buildings allow for developments of 13,500 square feet and 10,000 square feet respectively, but Greenburger insisted that any condo project would be a conversion rather than a new building.

The seller was Paul Joffe of Brooklyn Lofts, which owns and manages several converted loft buildings in Brooklyn, including the Ballroom Building in Williamsburg.

Joffe was represented by GFI Realty Services’ Richard Helfand and Yanni Simantov, while GFI’s Jeremy Curtin worked to bring in Time Equities’ Chris Pulling, who handled the deal in-house.

Time Equities is no stranger to conversion projects, having done several dozen in the last 25 years, including the 12-building, 1,200-unit Clinton Hill Cooperative Apartments complex. This is also not their first foray into this area of Brooklyn, though plans to buy and rehabilitate two major government-owned sites along the Brooklyn waterfront in Sunset Park were ultimately shelved, as TRD reported.

Greenwood Heights — which lies between Park Slope and Sunset Park — has seen an influx of young professionals in the past decade, given its good transit options and relative affordability compared to Park Slope.

“It’s interesting how the R train has become a real option for people,” Curtin said.


Related Articles

arrow_forward_ios
From left: Senator Julia Salazar, Time Equities CEO Francis Greenburger, Housing Justice for All's Cea Weaver and Belkin Burden LLP's Sherwin Belkin

Real estate pros and foes clash on rent strike, Covid response

Real estate pros and foes clash on rent strike, Covid response
From left: Senator Julia Salazar, Time Equities CEO Francis Greenburger, Housing Justice for All's Cea Weaver and Belkin Burden LLP's Sherwin Belkin

Salazar, Greenburger, Weaver, Belkin debate tenants’ rights on tonight’s TRD Talk

Salazar, Greenburger, Weaver, Belkin debate tenants’ rights on tonight’s TRD Talk
Time Equities CEO Francis Greenburger and Empire State Realty Trust CEO Anthony Malkin (Credit: Getty Images and iStock)

Going green has some city landlords seeing red

Going green has some city landlords seeing red
Westchester & Fairfield Cheat Sheet: Greenwich developer dives into Opportunity Zones, Time Equities pays $14M for Bridgeport building… & more

Westchester & Fairfield Cheat Sheet: Greenwich developer dives into Opportunity Zones, Time Equities pays $14M for Bridgeport building… & more

Westchester & Fairfield Cheat Sheet: Greenwich developer dives into Opportunity Zones, Time Equities pays $14M for Bridgeport building… & more
Westchester & Fairfield Cheat Sheet: Elmsford warehouse sold for $70.25M, CBRE and NKF take office leasing market’s temperature … & more

Westchester & Fairfield Cheat Sheet: Elmsford warehouse sold for $70.25M, CBRE and NKF take office leasing market’s temperature … & more

Westchester & Fairfield Cheat Sheet: Elmsford warehouse sold for $70.25M, CBRE and NKF take office leasing market’s temperature … & more
CRE will hit “the jackpot” with GOP tax plan


CRE will hit “the jackpot” with GOP tax plan


CRE will hit “the jackpot” with GOP tax plan

Greenburger turns condos into rentals at 50 West, lands $95M refi

Greenburger turns condos into rentals at 50 West, lands $95M refi

Greenburger turns condos into rentals at 50 West, lands $95M refi
Fresh look: New aerial shots of Time Equities’ 50 West Street

Fresh look: New aerial shots of Time Equities’ 50 West Street

Fresh look: New aerial shots of Time Equities’ 50 West Street
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...