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Residential Complex Fetches $20.5M

NEW YORK CITY-Time Equities makes a nifty profit by selling a West Village multifamily property picked up last year at $16 million to Stonehenge Partners for $20.5 million.

By Barbara Jarvie | Updated on October 09, 2003

NEW YORK CITY–Ofer Yardeni and Joel Seidman of Stonehenge Partners Inc picks up two adjacent, pre-war apartment buildings in the West for $20.5 million. The complex, which consists of 201-205 West 11th St. and 207-209 West 11th St., totals 53,388 sf with 64 residential apartments. The property was acquired by Times Equities Inc. in 2002 for $16 million.

“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.

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