NEW YORK CITY-The YMCA is moving from its McBurney building on 23rd St. to a new facility being erected on West 14th St., site of former home New York State Armory, which was demolished earlier this year. The Y building was sold to Time Equities for $18.5 million. At one time the Armory was being considered as a training facility for the Transit Police until it was merged into the NYPD, and for a while it was used as a workfare processing center. More recently, big-box retailer Costco had an eye on the property, much to the dismay of locals who feared the increased traffic it would bring.

Two residential towers will be built on West 14th St., one with 60 upscale condominiums, the other with rental apartments. Twenty percent of the latter will be set aside for low income tenants.

The Y will maintain its services on 23rd Street until it moves to its new space, about 67,000 sf on two floors, the same as it had uptown on nine floors. The dozen or so residents that remain at the 23rd Street property will be allowed to continue living there.David Lebenstein, director of sales and leasing at Time Equities, and Arlene Wysong, senior managing director at Newmark & Co. Real Estate represented the Y in the 14th St. deal. They also brokered the sale of a Y building on West 24rd Street to Common Ground, a non-profit organization that assists the homeless and low-income populations.

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