Time Equities, Inc.

New York-based Time Equities, Inc. has signed a contract to buy the McBurney YMCA's building on 23rd St. in Manhattan for $8.15 million. The transaction was arranged by David Lebenstein, director of sales and leasing at Time Equities, and Arlene Wysong, senior managing director at Newmark & Co. Real Estate, Inc. Wysong and Lebenstein also represented the YMCA in the purchase of a 67,000 SF space in the former Armory site on W. 14th St., which is being redeveloped by Armory Place, LLC, a partnership of The Related Companies and Orda Management. The third part of the transaction was the sale of another McBurney YMCA building, this one to Common Ground.

Lebenstein and Wysong were originally hired by the YMCA of Greater New York to develop a strategic real estate plan for five New York City facilities. This effort led to the decision to sell the McBurney YMCA's two buildings at 205 W. 23rd and 208-216 W. 24th Streets, near Seventh Ave.

In a joint transaction, brokered by Lebenstein and Wysong, the YMCA sold the 23rd St. building to Time Equities and the 24th St. building to Common Ground, a non-profit which works primarily with the homeless and low income populations.