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Time Equities sells 'Y' building for $12.5M.

Time Equities, Inc. (TEl) has announced the sale of the former McBurney YMCA on West 23rd Street in Chelsea to First New York Realty for $12.5 million.

Acquired by TEl in 2000 from the YMCA for $8.15 million, the 67,000-sq.-ft. building is zoned for residential conversion. The buyer plans to convert the building into oversized residential apartments with a health club/gym on the lower two floors. Built in 1905, the eight-story, brick and limestone building served as the McBurney YMCA for more than 96 years. It was vacated at the end of 2002 when the YMCA relocated to West 14th Street.

The building features a historically significant facade and a large full-scale gymnasium with a mezzanine running track, a full basketball court. The building also contains a large rooftop terrace and 15,000 sq. ft. of street-level space suitable for commercial or retail use.

The McBurney building lies between Seventh and Eighth Avenues and occupies a considerable portion of the block between 23rd and 24th Streets.

David Lebenstein, SIOR, Executive Director of TEl, and Javier Lattanzio also of TEl represented the seller in the transaction. Philip Brody of TEl served as the attorney for the seller. The buyer, Mitchell Marks of First New York Realty, represented himself. Lewis Kuper served as the attorney for the seller.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Oct 29, 2003
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