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Crossland yields $2M from co-op auction.

Crossland Federal Savings Bank announced that it sold 33 vacant apartments in nine Manhattan cooperatives at auction Oct. 4, with gross aggregate proceeds of $2 million.

More than 600 people attended the auction, at which most of the units offered were sold on an absolute basis, with minimum bid.

The auction is part of an intensive marketing program during which the bank intends to dispose of the unsold shares of approximately 250 apartments from the former portfolio of Time Equities, Inc., an active co-op converter in the 1980s.

The marketing program was created by D'Loren Realty, Inc., and The Marketing Directors, Inc., in conjunction with Crossland Federal Savings Bank. Larry Latham Auctioneers, Inc. conducted the auction.

Prices achieved at the auction ranged from $239,000 for a classic six-room, 14th-floor apartment at 221-223 West 82nd Street, to $15,500 for a three-room unit at 4-10 West 101st Street. At the more typical price levels, a six-room apartment at 415 Central Park West brought $164,800, while a studio in Tudor City sold for $70,000.

Other buildings in the marketing program are 5 Tudor Place, 25 Tudor Place, 325 East 41st Street, 320 East 42nd Street, 321 East 43rd Street, 210 and 214 West 85th Street.

Tenants of the occupied apartments have been offered a potent package of benefits to encourage them to buy their homes. The incentive package includes 7.25 percent no-points financing and a first-year subsidy to keep monthly maintenance payments roughly equal to monthly rents.

More than 60 offers by investors and tenants have been placed; half have already been accepted.

Anyone can now submit an offer on any unsold occupied apartment. Crossland Federal Savings will consider and accept offers on a daily basis. The marketing program will culminate Oct. 18th in a 3-Hour Quick Sale at which final offers will be taken on unsold units.

A sales and information office is open seven days a week, from 10 a.m. to 6 p.m., at 214 West 85th Street, between Broadway and Amsterdam Avenues. The phone number is (212) 875-9730.
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Title Annotation:Crossland Federal Savings Bank sells vacant apartments in New York, New York cooperatives auction; grosses $2 million
Publication:Real Estate Weekly
Date:Oct 14, 1992
Previous Article:Ad firm wraps up leasing at Mendik's 1740 Broadway.
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