Contact Us
News

GOOD NEWS ON CONDO FRONT

WASHINGTON DC 09.14.2017

7TH ANNUAL FUTURE OF PRINCE GEORGE'S COUNTY

Exclusive Bisnow Cocktail Hour to Follow Panels!

Jane Cafritz -- Calvin Cafritz Enterprises
Steve Schwat -- Urban Investment Partners (UIP)
Nina Albert -- Washington Metropolitan Area Transit Authority (WMATA)
GOOD NEWS ON CONDO FRONT
GOOD NEWS ON CONDO FRONT
Despite a tentative market, Time Equities Chairman Francis Greenburger says tenants are still discovering the benefits of ownership. Within the past week, the firm sold a number of apartments with prices within 5 to 10% of peak values, and office condos have seen significant price appreciation. Perhaps it's in the aesthetics. Francis hired curator Elizabeth Akkerman to oversee art arrangements and installations in the firm's buildings, which he says elevates the tenants' experience. Behind his desk is one of his favorites: a painting by NYC artist Jane Dixon on an Astroturf canvas.
GOOD NEWS ON CONDO FRONTTEI has an active pipeline, mostly on the residential side. In addition to recently completing the conversion of 425 Central Park West, they're about to finish projects onStuyvesant Street in the East Village and93rd between Amsterdam and Columbus. They're also working on plans for Battery Park City's50 West Street(pictured), a 65-story mixed-use tower comprised of hotel and residential space. Over the past 18 months, Francis tells us, office condo performance has been strong, with one project's price increasing by up to 50 percent from the time it was first offered. Also, 125 Maiden Lane, which came online last year, has completely sold out and seen significant appreciation. Francis tells us typical prices are between $550 and $800/SF.
GOOD NEWS ON CONDO FRONT
An avid and eclectic collector, Francis has a Fifth Avenue office that could qualify as a MoMA annex. Ijeoma Okigbo (acquisitions) andAnn Miller (development) stand with the first piece Francis ever bought, at age 14. Francis is also the founder of the Omi International Arts Center, a non-profit residency program for artists in upstate's Columbia County. He says the artwork above, an elevated train station, reminded him of riding the New York Citysubway system with his father, although he has since learned it actually portrays Philadelphia. We'll forgive him and just call the purchase a youthful indiscretion.