"Normally we do not sell an asset so quickly after purchasing it, but this was an opportunity we decided to take advantage of," explains Francis Greenburger, chairman and CEO of TEI. "Given the strength of the residential building sale market, we decided to sell the buildings rather than undertaking the task of converting the complex."

201-205 West 11th Street is located along the corner of Greenwich and Seventh avenues. Built in 1924, the brick six-story, elevator building contains 40 residential units and six retail storefronts, totaling approximately 4,931 sf. Built in 1916, 207-209 West 11th Street is a six-story, brick, walk-up building containing 24 residential units. Both buildings recently underwent capital improvements, including new electric, windows, mailboxes, new roofs, as well as granite lobbies and entrance foyers.

David Lebenstein, SIOR, executive director of TEI, and Michael Greenburger, acquisitions/project development of TEI, represented the seller in the transaction. Phillip Brody of TEI served as the attorney for the seller. Roberto F. Ortiz and Alan P. Miller of Eastern Consolidated represented Stonehenge Partners in the transaction. The purchaser's attorneys were Jonathan Bernstein and James Richards of Pryor, Cashman, Sherman & Flynn LLP.