Printer Friendly

Crossland launches campaign to sell Time Equities units.

Crossland Federal Savings Bank announced an unprecedented six-week program to market the unsold shares of more than 200 occupied and 40 vacant apartments in 11 Manhattan cooperative buildings.

All of the shares are from the former portfolio of Time Equities, Inc.

The comprehensive program includes an absolute, no-minimum-bid auction of all vacant apartments Oct. 4, and a potent package of benefits to encourage tenants to either buy their apartments during a tenant reoffering period or vacate them and share in the auction sale proceeds. The program will culminate Oct. 18 in a "3-Hour Quick Sale" at which offers will be taken on all unsold occupied apartments.

The program was created by D'Loren Realty, Inc., and The Marketing Directors, Inc., in conjunction with Crossland Federal Savings Bank.

A sales, information and auction registration office has been established at 214 West 85th Street, between Broadway and Amsterdam Avenues. The office is open seven days a week from 10 am to 6 pm. Phone number is (212) 875-9730.

According to Maureen Bauer, vice president of Crossland Federal Savings Bank, qualified applicants can purchase their apartments at insider prices with 10 percent down, a 7.25 percent no-- points adjustable-rate mortgage and a maintenance rebate designed to keep total monthly payments at approximately the same level as current rents. Or they can elect to receive a significant cash discount.

Other major elements of the program may include the following: * Tenants who pay all cash for their apartments are eligible for substantial discounts off the insider sales price * Tenants who elect to vacate their apartments can take part in the shared-appreciation program (SAPRO). They have the option of receiving either the insider's offering price or 50 percent of the auction proceeds on their apartment. Tenants who choose SAPRO must do so by Sept. 25 * Tenants who are not vacating their apartments have the exclusive right to purchase them at insider prices now through Sept. 20. After the period, any unsold apartment can be purchased by investors * An absolute auction of vacant apartments will be held Oct. 4 at the Holiday Inn Crowne Plaza in Manhattan * A 3-Hour Quick Sale for all unsold occupied apartments will take place Oct. 18. Qualified buyers can compete by making offers at the sales office during the quick sale, or on any day in the four-week period preceding Oct. 18

Most of the apartments offered for sale are in luxury buildings with 24-hour doormen and other amenities. Some of the properties -- such as those at 5 Tudor Place, 320 East 42nd Street and 321 East 43rd Street -- are in the distinctive Tudor City community near the United Nations.

Other building in the program include 415 Central Park West, where major capital improvements have been completed, 325 West 45th Street, 221 West 82nd Street, 202-214 West 85th Street, and 4-10 West 101st Street.
COPYRIGHT 1992 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Crossland Savings F.S.B. to market apartments in Manhattan, New York cooperative buildings
Publication:Real Estate Weekly
Date:Sep 16, 1992
Previous Article:Hilton negotiates NJ lease.
Next Article:AMREP acquires majority in Strickland Farm plan.

Related Articles
Carlyle Towers to auction 75 units at grand opening.
Arthur Shapolsky contracts to purchase 25 Broad Street.
Walter & Samuels manages for banks.
French bank sells condo block.
Carlton sells out 225 E. 57th.
Republic National Bank of New York.
Sponsor's schedule A's reveal co-op market to be booming.
New York State Court of Appeals: sponsors must sell units quickly. (co-op apartments).
Market update.
Participating Lender marathon ends with 10 loans closed.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters