Crossland Savings sells 100 Time Equities units.Crossland Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks reported it has sold more than 100 Manhattan Manhattan, indigenous people of North America Manhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). cooperative apartment units in an intensive marketing program that began less than two months ago. The apartments are from an inventory of approximately 200 units the bank holds from the assets of co-op converter (1) A device that changes one set of codes, modes, sequences or frequencies to a different set. See A/D converter. (2) A device that changes current from 60Hz to 50Hz and vice versa. Time Equities, Inc. The marketing program - which combines a tenant re-offering plan, an auction and an investor-sales campaign - was created by D'Loren Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. , Inc. and The Marketing Directors, Inc., in conjunction with the bank. Maureen Bauer, vice president of Crossland Federal Savings Bank, says that "serious negotiations are underway with a substantial number of investors looking at large blocks of occupied apartments." Robert D'Loren, president of D'Loren Realty, and Adrienne Albert, president of The Marketing Directors, observe that a sustained period of bulk sales of co-op shares held by lenders could set the stage for an overall recovery in New York's owneroccupied apartment market. The two marketing experts assert that absorption of the unsold units from conversions that were caught in the severe downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. will "gently buoy" prices overall, and help restore the confidence of individual occupant occupant n. 1) someone living in a residence or using premises, as a tenant or owner. 2) a person who takes possession of real property or a thing which has no known owner, intending to gain ownership. (See: occupancy) buyers. Most of the sales so far from the Crossland Federal Savings Bank marketing program resulted from the tenant re-offering and an auction of vacant units held on Oct. 4. The auction produced contracts for 33 sales, with gross aggregate proceeds of $2 million. Investors purchased many of the auctioned apartments. Buildings included in the marketing program include 415 Central Park West, 5 and 45 Tudor Place Tudor Place is a mansion in Washington, D.C. that was originally the home of Thomas and Martha Custis Peter. Martha Custis Peter was the granddaughter of George Washington, who left her the $8,000 in his will that was used to purchase the property in 1805. , 221-223 West 82nd Street, 4-10 West 101st Street, 320 East 42nd Street, 321 East 43rd Street, and 202-214 West 85th Street. Tenants of occupied apartments at these addresses were offered a package of potent benefits to encourage them to buy their units. |
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