Crossland launches campaign to sell 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 announced an unprecedented six-week program to market the unsold shares of more than 200 occupied and 40 vacant apartments in 11 Manhattan cooperative buildings. All of the shares are from the former portfolio of Time Equities, Inc. The comprehensive program includes an absolute, no-minimum-bid auction of all vacant apartments Oct. 4, and a potent package of benefits to encourage tenants to either buy their apartments during a tenant reoffering period or vacate To annul, set aside, or render void; to surrender possession or occupancy. The term vacate has two common usages in the law. With respect to real property, to vacate the premises means to give up possession of the property and leave the area totally devoid of contents. them and share in the auction sale proceeds. The program will culminate culminate, in astronomy, the maximum height in the sky reached by a celestial body on a given day. At the culminate the body is crossing the observer's celestial meridian and is said to be in upper transit. Oct. 18 in a "3-Hour Quick Sale" at which offers will be taken on all unsold occupied apartments. The program was created by D'Loren Realty, Inc., and The Marketing Directors, Inc., in conjunction with Crossland Federal Savings Bank. A sales, information and auction registration office has been established at 214 West 85th Street, between Broadway and Amsterdam Avenues. The office is open seven days a week from 10 am to 6 pm. Phone number is (212) 875-9730. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Maureen Bauer, vice president of Crossland Federal Savings Bank, qualified applicants can purchase their apartments at insider prices with 10 percent down, a 7.25 percent no-- points adjustable-rate mortgage Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or and a maintenance rebate designed to keep total monthly payments at approximately the same level as current rents. Or they can elect to receive a significant cash discount. Other major elements of the program may include the following: * Tenants who pay all cash for their apartments are eligible for substantial discounts off the insider sales price * Tenants who elect to vacate their apartments can take part in the shared-appreciation program (SAPRO). They have the option of receiving either the insider's offering price or 50 percent of the auction proceeds on their apartment. Tenants who choose SAPRO must do so by Sept. 25 * Tenants who are not vacating their apartments have the exclusive right to purchase them at insider prices now through Sept. 20. After the period, any unsold apartment can be purchased by investors * An absolute auction of vacant apartments will be held Oct. 4 at the Holiday Inn Crowne Plaza This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. in Manhattan * A 3-Hour Quick Sale for all unsold occupied apartments will take place Oct. 18. Qualified buyers can compete by making offers at the sales office during the quick sale, or on any day in the four-week period preceding Oct. 18 Most of the apartments offered for sale are in luxury buildings with 24-hour doormen and other amenities. Some of the properties -- such as those at 5 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. , 320 East 42nd Street and 321 East 43rd Street -- are in the distinctive Tudor City Tudor City is an apartment complex located on the East Side of Manhattan in New York City. It is bordered by E 40th Street to the South, First Avenue to the East, Second Avenue to the West and E 43rd Street to the North. community near the United Nations. Other building in the program include 415 Central Park West, where major capital improvements have been completed, 325 West 45th Street, 221 West 82nd Street, 202-214 West 85th Street, and 4-10 West 101st Street. |
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