Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

David Lebenstein, SIOR, executive director of TEI, and Michael Greenburger, acquisitions/project development of TEI, represented the seller in the transaction. Phillip Brody of TEI served as the attorney for the seller. Roberto F. Ortiz and Alan P. Miller of Eastern Consolidated represented Stonehenge Partners in the transaction. The purchaser’s attorneys were Jonathan Bernstein and James Richards of Pryor, Cashman, Sherman & Flynn LLP.

TEI currently holds in its portfolio approximately 13.5 million sf of residential, industrial, office and retail property including more than 3,500 multi-family apartment units. Major properties in Manhattan they own include 125 Maiden Lane, 47-50 West St. and the upper half of 55 Fifth Ave.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.