Time Equities acquires three buildings for $2.85 million

Real Estate Weekly, Dec 26, 2001

Manhattan-based developer Time Equities Inc. (TEI) recently acquired three apartment buildings in New York City for a total of $2.85 million. In the first transaction, the investor acquired two five-story residential properties at 342 and 343 East 50th St. in Manhattan for $2.4 million.

In the second transaction, the company and joint venture partner David T. Kra paid $450,000 for 11-12 47th Ave., a three-story residential building in the Hunter's Point neighborhood of Long Island City.

TEI expects the two rental properties to maintain their value or appreciate, as well as produce positive cash flow. The company sees upside potential at 342 and 343 East 50th Street, which may be converted from 15 rental apartments to residential condominiums or cooperatives.

Francis Greenburger, CEO of TEI, represented the real estate company in both transactions. Philip Brody, TEI's general counsel, served as the company's attorney. Craig Joseph Leuzzi of the John Anthony Group, Inc. represented Shawn Lavin, the seller of 342 and 343 East 50th Street. Matt Albano of Donovan & Gianuzzi served as Lavin's attorney.

Peter Bresso of Crest Haven Realty represented Benny Dor of Hentz-Dor Commercial Real Estate, the seller of 11-12 47th Avenue. Richard T. Lombard, Sr., served as Dor's attorney.