Time Equities acquires three buildings for $2.85 million.Manhattan-based developer Time Equities Inc. (TEI 1. (communications) TEI - Terminal Endpoint Identifier. 2. (text, project) TEI - Text Encoding Initiative. ) recently acquired three apartment buildings in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. 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 Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar at 342 and 343 East 50th Street, which may be converted from 15 rental apartments to residential condominiums or cooperatives. Francis Greenburger, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 John "Jack" Anthony (born January 19, 1988) is a Collingwood Magpies footballer in the Australian Football League. A tough as nails defender from Collingwood territory in the northern suburbs of Melbourne, Anthony has been earmarked by the club to hold down the fullback 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. |
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