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(To read more on the multifamily market, click here.)

NEW YORK CITY- Magnum Management has acquired 421 E. 13th St. from locally headquartered Time Equities Inc. The 66,980-sf commercial building in Greenwich Village changed hands for approximately $19.8 million.

Time Equities decided to sell the property to concentrate on its larger holdings, particularly those in Lower Manhattan, Brooklyn, Nassau County and Toronto. The building’s new buyer will convert the building to residential use and is in the process of purchasing neighboring air rights. The site was originally home to six commercial and retail tenants. Based on the property’s cancellation clauses and buyouts, only one tenant remains. That tenant is vacating within 30 days.

Jonathan Merrill of Time Equities represented the seller, while James Nelson of Massey Knakal represented the buyer. “We found a good buyer and made a fair deal,” Merrill says. TEI currently holds in its own portfolio approximately 18.1 million sf of residential, industrial, office and retail property.

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