Time Equities Gets Midtown Asset for $62M

NEW YORK CITY-Locally based Time Equities Inc. purchased commercial office building 70 W. 36th St. and is in the process of converting the property to office condominium use. A source close to the deal tells GlobeSt.com that the purchase price was $61.5 million.

Acquisition director Bijan Karimian represented TEI in the purchase, while Suzi Wilson and Rick Recny are the conversion managers for TEI. Located in the heart of Midtown, the 16-story, 160,000-sf building boasts 24-hour security and card-key access.

The property is presently undergoing several renovations in preparation for the conversion to office condominium. Notable tenants include Alliance Building Services, Non-Profit Finance Fund, and Nuance Industries. Retail tenants include Soofee Fashions.