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NEW YORK CITY-Time Equities Inc. has sold the former McBurney YMCA on West 23rd Street in Chelsea, which it acquired in 2000 for nearly $8.2 million, to First New York Realty for $12.5 million. The buyer plans to convert the 67,000-sf building into oversized residential apartments with a health club/gym on the lower two floors.

The eight-story, brick and limestone building, which served as the McBurney YMCA for more than 96 years, was vacated at the end of 2002 when the YMCA relocated to West 14th Street. The building contains a large rooftop terrace and 15,000 sf of street-level space suitable for commercial or retail use with a separate entrance. The building also features a historically significant facade and a large full-scale gymnasium with a mezzanine running track, a full basketball court with 30′ ceilings, high-ceilinged paddleball and handball courts.

David Lebenstein, SIOR, executive director of TEI, and Javier Lattanzio, also of TEI, represented the seller in the transaction. Philip Brody of TEI served as the attorney for the seller. The buyer, Mitchell Marks of First New York Realty, represented himself. Lewis Kuper served as the attorney for the seller.

“Although we would have liked to have converted this property to residential use ourselves, we felt the purchaser’s price tipped the scales in favor of our selling the building,” says Francis Greenburger, chairman and CEO of Time Equities.

Earlier this month, TEI sold two adjacent, pre-war apartment buildings in the West Village for $20.5 million.

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