Time plans conversion at $17m apartment building.New York-based Time Equities Inc. (TEI 1. (communications) TEI - Terminal Endpoint Identifier. 2. (text, project) TEI - Text Encoding Initiative. ) recently purchased a 53-unit apartment building at 134 W. 93rd St. from Bruce Slovin for $17.1 million. Time Equities plans to convert the nine-story prewar pre·war adj. Existing or occurring before a war. prewar Adjective relating to the period before a war, esp. before World War I or II Adj. 1. apartment building to condominiums. The building consists of 53 apartments: three studios, 24 one-bedroom apartments and 26 two-bedroom residences. The structure boasts a brick facade and is conveniently located between Amsterdam and Columbus avenues on Manhattan's Upper West Side. Michael Greenberger represented Time Equities, while Massey Knakal represented the seller. "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. apartments are a good investment," said 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 Time Equities, "and the Upper West Side real estate market is very popular right now. We are pleased to add 134 W. 93rd St. to our portfolio and we're confident that it will prove to be a wise purchase." The transaction occurred at a capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. of 2.88% and a gross rent multiple of 17.66. The property sold for $296.10 per square foot. "The purchaser plans to renovate the property in order to raise the rents substantially," said Massey Knakal chairman Robert Knakal, who exclusively represented the seller with partner James Ventura and broker Meyrick Ferguson. "Current rent prices are at roughly 50% of market. The property is also an excellent candidate for long-term condo conversion Generally stated, a condo conversion is a process of entitling an income property or other lands currently held under one title to convert from sole ownership of the entire property (which often already is a multi unit property) into individual for sale units. due to its pre-war nature and low price per square foot." |
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