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Crossland Savings sells 100 Time Equities units.

Crossland Federal Savings Bank reported it has sold more than 100 Manhattan cooperative apartment units in an intensive marketing program that began less than two months ago.

The apartments are from an inventory of approximately 200 units the bank holds from the assets of co-op converter Time Equities, Inc.

The marketing program - which combines a tenant re-offering plan, an auction and an investor-sales campaign - was created by D'Loren Realty, Inc. and The Marketing Directors, Inc., in conjunction with the bank.

Maureen Bauer, vice president of Crossland Federal Savings Bank, says that "serious negotiations are underway with a substantial number of investors looking at large blocks of occupied apartments."

Robert D'Loren, president of D'Loren Realty, and Adrienne Albert, president of The Marketing Directors, observe that a sustained period of bulk sales of co-op shares held by lenders could set the stage for an overall recovery in New York's owneroccupied apartment market.

The two marketing experts assert that absorption of the unsold units from conversions that were caught in the severe downturn will "gently buoy" prices overall, and help restore the confidence of individual occupant buyers.

Most of the sales so far from the Crossland Federal Savings Bank marketing program resulted from the tenant re-offering and an auction of vacant units held on Oct. 4. The auction produced contracts for 33 sales, with gross aggregate proceeds of $2 million. Investors purchased many of the auctioned apartments. Buildings included in the marketing program include 415 Central Park West, 5 and 45 Tudor Place, 221-223 West 82nd Street, 4-10 West 101st Street, 320 East 42nd Street, 321 East 43rd Street, and 202-214 West 85th Street.

Tenants of occupied apartments at these addresses were offered a package of potent benefits to encourage them to buy their units.
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Title Annotation:cooperative apartment units in New York, New York
Publication:Real Estate Weekly
Date:Nov 11, 1992
Words:292
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