Crossland yields $2M from co-op auction.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 that it sold 33 vacant apartments in nine Manhattan cooperatives at auction Oct. 4, with gross aggregate proceeds of $2 million. More than 600 people attended the auction, at which most of the units offered were sold on an absolute basis, with minimum bid. The auction is part of an intensive marketing program during which the bank intends to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose the unsold shares of approximately 250 apartments from the former portfolio of Time Equities, Inc., an active 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. in the 1980s. The marketing program 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 Crossland Federal Savings Bank. Larry Latham Auctioneers, Inc. conducted the auction. Prices achieved at the auction ranged from $239,000 for a classic six-room, 14th-floor apartment at 221-223 West 82nd Street, to $15,500 for a three-room unit at 4-10 West 101st Street. At the more typical price levels, a six-room apartment at 415 Central Park West brought $164,800, while a studio in 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. sold for $70,000. Other buildings in the marketing program are 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. , 25 Tudor Place, 325 East 41st Street, 320 East 42nd Street, 321 East 43rd Street, 210 and 214 West 85th Street. Tenants of the occupied apartments have been offered a potent package of benefits to encourage them to buy their homes. The incentive package includes 7.25 percent no-points financing and a first-year subsidy to keep monthly maintenance payments roughly equal to monthly rents. More than 60 offers by investors and tenants have been placed; half have already been accepted. Anyone can now submit an offer on any unsold occupied apartment. Crossland Federal Savings will consider and accept offers on a daily basis. The marketing 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. 18th in a 3-Hour Quick Sale at which final offers will be taken on unsold units. A sales and information office is open seven days a week, from 10 a.m. to 6 p.m., at 214 West 85th Street, between Broadway and Amsterdam Avenues. The phone number is (212) 875-9730. |
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