Our Mission Uphold, foster, and promote the highest ethical business standards. Create for all TEI employees a positive work environment of respect, job growth opportunity, and one where all can be proud. Maximize returns to investors and deliver excellent service to clients and tenants. Seek to utilize innovative and compelling architectural and design standards. Be technologically up-to-date. Spur excellence. Make decisions based on objective information and independent thinking.
Photo Credit: Michael McWeeney Artwork by: Claus Brunsmann
We have strived to be a company that is known for its high level of integrity, honesty, and hard work. I am incredibly proud to see how far the firm has come over the past fifty years and I look forward to seeing what the next fifty years will have in store for us.
Francis J. Greenburger Chairman & CEO
50 Years of Innovation Fifty years ago, Time Equities Inc. began with a single property with an asset value of $65,000. Over the past fifty years, Time Equities Inc. has grown tremendously. TEI has acquired 22 million square feet of real estate space in 250 properties across 29 States, 5 Canadian Provinces, Netherlands, Germany and Anguilla. During last 5 years, in excess of $300 million in equity capital has been raised from over 1,000 investors. Time Equities Inc.â€™s portfolio notably includes residential, retail, industrial, flex, and office properties and provides a range of services such as property management, acquisitions, development, and construction. TEI looks forward to continuing to innovate in the upcoming fifty years.
Time Equities Inc. has made exceptional acquisitions throughout its history, as well as facilitated iconic achievements in architecture and development. To commemorate fifty years of achievement as leaders inthe real estate industry, here are a few of Time Equities Inc.â€™s notable properties...
56 Beaver Street Delmonico’s Restaurant first opened its doors at 56 Beaver Street in August of 1837 under the leadership of John and Peter Delmonico. To this day, the Delmonico’s restaurant is flanked by pillars excavated from Pompeii and the interior is decorated with two floors of inlaid woods, marble floors, and a world class wine cellar. While synonymous with fine dining, Delmonico’s introduced America to many firsts: the first to use tablecloths, the first to offer a dedicated wine list, and the first to admit women diners. Delmonico’s also introduced America to many of its beloved dishes from Lobster Newburg, Eggs Benedict and Manhattan Clam Chowder to Baked Alaska and the Delmonico’s steak. The original building was designed as an eight story Renaissance Revival restaurant office building. In 1935, Delmonico’s expanded to the first and second floor of 48-54 Beaver Street next door. Through its illustrious history, Delmonico’s has been patronized by the likes of Theodore Roosevelt, Mark Twain, “Diamond Jim” Brady, usually in the company of Lillian Russell, Charles Dickens, Oscar Wilde, J.P. Morgan, Nikola Tesla, Edward VII, then-Prince of Wales, and Napoleon III of France. Journalist Jacob A. Riis claimed to be a patron of a different sort: in his book The Making of an American, Riis explained that when he was down on his luck, a kindly French-speaking cook at Delmonico’s would pass him rolls through the basement window. In November 1995, ten years after achieving landmark status, the combined buildings were sold to Time Equities Inc. and within a year TEI had converted the upper floors into 40 residential units. Delmonico’s remains America’s oldest restaurant occupying the lower floors of 48-56 Beaver Street.
Silks Building Constructed in phases beginning around the turn of the 19th century, the Silks Building was home to the Scalamandre Silks Company from 1929 to 2005. Scalamandre Silks produced high quality articles including fabrics and furnishings for the Hearst Estate, the restoration of Monticello, and nearly every White House redecoration and modernization since the Kennedy Administration. In 2003, Time Equities entered into a saleleaseback transaction with the Scalamandre Silks Company. By 2005, Scalamandre had fully vacated the building. Time Equities approached the newly vacated building with a vision to attract artists and small businesses to the Dutch Kills neighborhood of Long Island City. Purchased for $7,140,000 with 114,000 sq. ft., the building was divided into spaces ranging between 1,500 to 2,500 sq. ft. with an average rent of $12.00 per sq. ft. By 2016, the building is now home to a vibrant tenant mix of over 30 working artists, various engineering, architectural, and design shops, as well as film and audio production firms with market rents of nearly $30.00 per sq. ft. These tenants find the building’s high ceilings, large windows, original wood floors and pre-war design aesthetic to be a unique experience for both their clients and their employees. The adaptive reuse of the building’s infrastructure with modern improvements has kept occupancy stable with year over year rent growth. As glass and steel apartments and condominium high-rises flourish in Long Island City, the building’s red brick and hand painted Scalamandre Silks sign stand out as a reminder of the American manufacturing era of the past, while the steady flow of artists and designers remind us that a new era is alive and well.
Tudor City Time Equities Inc., in partnership with Phil Pilevsky of Phillips International, arranged for the purchase and conversion of seven Tudor City buildings from rental housing to cooperatives. Built by developer Frederick French and previously owned by Harry Helmsley, the landmarked buildings comprise of 2,500 units located between 41st and 43rd Streets, east of Second Avenue. In addition to purchasing and converting the seven buildings to cooperatives, Time Equities arranged to purchase the Tudor City Park land owned by Helmsley and arranged for it to be deeded to the Trust for Public Land, so that it would remain as a park in perpetuity; thus resolving a dramatic conflict between Harry Helmsley, who sought to develop the land as a new high-rise and the residents of Tudor City, who put themselves in front of bulldozers and chained themselves to the fence around the property to try to maintain its use as a park.
Residential & Retail
3111 South Dixie In 2006, Time Equities purchased 3111 South Dixie, West Palm Beach a class B/C suburban office building. At the time of acquisition, the property was 95% leased to a mix of public and private sector tenants. Today, the property’s occupancy stands at 30% and will go down to 0% during 2017. Sensing the impending failure of the property, TEI set out in 2014 to plot a new strategy for the property. Recognizing that the existing format and use of the property were unprofitable, TEI began to pursue a demolition and redevelopment plan. At 9.3 acres (400,000 sq. ft.) —the size of seven football fields—3111 South Dixie is among the largest privately owned parcels in West Palm Beach (east of highway I-95). Its size, location, water views and extensive Dixie frontage make it good candidate for large-scale development. After two years of planning, TEI completed a dynamic design which calls for a 1,000,000 sq. ft. condominium/mixed use project. It provides for 18,500 sq. ft. of boutique retail
shops and restaurants along the property’s Dixie frontage along with five residential condominium buildings integrated into a single parking structure. There will be two parks between the retail and residential components, which will have a combined area of almost one acre. Time Equities Inc. hopes to secure rezoning approval by the end of 2016 or early 2017 with pre-sales launching in early 2018. Construction would commence upon securing 40%-60% pre-sale contracts. Unlike Miami and Fort Lauderdale, West Palm Beach has experienced virtually no new condominium development in over a decade.
50 West 50 West Street is Time Equities’ largest, most ambitious project to date – a 64-story, 780’ tall, mixed-use condominium tower in Lower Manhattan. 50 West offers unparalleled views of the Hudson River, East River, New York Harbor and the Statute of Liberty – as well as over 30,000 sq. ft.2 of amenities, including a landscaped roof observation deck. With construction of the core and shell now complete, 50 West already makes a dramatic impact on the world-famous Lower Manhattan skyline.The tower is scheduled to open in December 2016 with residents set to move in shortly thereafter. Pre-sales have been stellar with nearly 70% of the 186 total condos sold before the official building opening. The project budget is $550 million and the target sell-out is $1 billion. Lower Manhattan is experiencing a never-beforeseen level of investment and resurgence. 50 West Street is recognized as an important part of the neighborhood’s renaissance.
1000 South Michigan While building on the success of 50 West Street in 2015, Time Equities identified an equally ambitious skyscraper development project in Chicago at 1000 South Michigan Avenue. The property is currently a surface parking lot and is among the few remaining large-scale development sites on Chicagoâ€™s prestigious Michigan Avenue. After a complex design and entitlement process, the site is now entitled for the construction of an 825â€™ tall condominium tower with 330 units designed by world famous architect Helmut Jahn. With a projected project budget of $400,000,000, 1000 South Michigan will be among the first major condominium projects to market in Chicago in over a decade. The designed tower will offer 360-degree views of Downtown Chicago, including unobstructed views of historic Grant Park and Lake Michigan. A pre-sale campaign is planned for the summer of 2017 with construction to commence during 2018.
Altamer is considered to be one of the finest Caribbean villa resorts and features 3 spectacular beachside villas. They were designed by renowned architect Myron Goldfinger and exhibited in Architectural Digest. The villas range from 10,000 to 14,000 sq. ft. Time Equities also acquired a fully entitled development parcel in Anguilla totaling approximately 56 acres. Once developed, the property will feature Anguillaâ€™s only full service luxury marina with slips ranging from 20 to 250 linear feet. In addition, Time Equities is in pre-development on landside improvements which will be comprised of predominantly for sale housing.
Office & Retail
633 Third 633 Third Avenue is a classic Grand Central skyscraper that embodies the optimism of the post-war era. Completed in 1962, the 1,000,000 sq. ft. property was designed by the visionary architectural firm of Harrison and Abramovitz, creators of the United Nations, Lincoln Center and the Time & Life Building. The property presents a modern faĂ§ade that is both timeless and unique, which is reflected in its interior spaces with its beautifully renovated lobby of marble, terrazzo, and steel. In 1998, The Omi International Arts Center made a strategic investment with the acquisition of floors 22-26 at 633 Third Avenue. This property was subsequently leased on a long-term basis to UNICEF and serves as their U.S. corporate headquarters. In 2006, Time Equities Inc. purchased the top nine floors (floors 31-39) at 633 Third which were multi-tenanted at the time of acquisition. Over the course of the next decade, TEI signed long-term leases with two AAA credit tenants including the Office of General Services on the 38th and 39th floors which houses the Office of the Governor, as well as the Empire State Development Corporation, New Yorkâ€™s chief economic development agency, whose headquarters are now housed on floors 33-37. The commitment these tenants have made to this location and specifically the property, represents the stability and value TEI attributes to this core asset.
Retail & Commercial
Miami Industrial The Miami Industrial Portfolio is a 750,000 square foot, 12 building portfolio located along heavily trafficked 72nd Avenue in the vibrant Airport West Industrial submarket of Miami, Florida. With over 180 suites ranging in size from 1,200 sq. ft. to 45,000 sq. ft., the Miami Industrial Portfolio can accommodate businesses of almost any size. The buildings are located in close proximity to both Miami International Airport’s cargo facility and South Florida’s extensive freeway system, affording its tenants the ability to easily and cost effectively transport their goods and services to any location. Because of these outstanding attributes, this property was identified in early 2007 as a good long-term investment opportunity for Time Equities. Not only did the fine location offer stability but the inplace rental rates at the time of purchase were 33% below the rest of the market providing substantial upside opportunity through professional management and leasing. For the first year after purchase, Time Equities’ business plan was implemented to perfection with rents increasing by the anticipated 33% upon tenant lease roll-over. Unfortunately, the summer of 2008 brought on the Great Recession which negatively impacted all real estate throughout the country. This p ortfolio was no exception and within a few months the property’s occupancy and rental rates had fallen to levels well below those at the time of purchase. This environment unfortunately persisted for over 4 years and with income depressed and expenses still rising, it took a strong concerted effort by Time Equities’ management team to keep the property afloat. In 2013, the market began to improve and occupancy and rental rates began to gradually rise again. Today, the property is operating at the low 90% occupancy level and rental rates are the highest they have ever been. The Miami Industrial Portfolio has shown to be an outstanding investment during normal economic conditions and Time Equities is pleased to own such a fine asset in a prime location.