Schermer reps Time Equities Inc. for $3.65 million acquisition two buildings

Time Equities Inc. (TEI) has purchased 153 and 155 East 37th St., two apartment buildings located between Lexington and Third Aves. TEI acquired the properties for $3.65 million. TEI will manage the buildings which consist of 17 apartments. Once two separate townhouses, the properties were converted into rental apartments in the late 1950s. Both buildings feature one-bedroom residences with high ceilings and hardwood floors throughout. "We are thrilled to add these apartment buildings to the Time Equities New York portfolio," said Hy Schermer, director of acquisitions for TEI. "We look forward to working with the residents as we transition ownership and work together to maintain the buildings." Schermer represented TEI while Christopher Sjurset of Marcus & Millichap and Todd Jacobs of Bold New York represented the seller. "The prime location of these residential buildings makes it a great asset for us to expand our portfolio," said Francis Greenburger, chairman of TEI. "As the economy continues to improve, we will continue to seek out properties to add to our growing residential portfolio." Founded in 1966, privately-held Time Equities Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 40 years. With properties in 26 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 23.4 million square feet of residential, industrial, office and retail property.