GOOD NEWS ON CONDO FRONT
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|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.|
|TEI 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.|
|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.|