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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.

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