Founder and Chairman, Time Equities Inc.
1. How much of an impact does the international buyer have on your projects? What steps do you take, if any, to market your projects overseas?
A: Our projects are family-oriented and we expect them to also have an international appeal. Our international marketing efforts include having a diverse sales staff who speak several languages and making sure our marketing materials are accessible globally.
2. What are some green initiatives you take as a firm to reduce environmental impacts at your project locations, both during construction and for the benefit of the homeowner?
A: Our latest residential ground-up development, 50 West, is being built to LEED standards, which includes a range of features to reduce the environmental impact.In addition to this specific project, we make an overall commitment to reduce the environmental footprint. In 2007, TEI created a Department of Sustainability and began encouraging asset managers to implement sustainable initiatives. After much success with implementation, the department started to offer its services as a third party known as TE Greengineers.
3. Can you give us an idea on how you pick a location for a project? Do you focus on a particular neighborhood?
A: We strategically selected Lower Manhattan for 50 West because we truly believe that this area, near the World Trade Center site, (or sometimes referred to as ‘The New Downtown’) is one of the most dynamic neighborhoods in New York.
Right now, we are seeing high demand for high quality housing from New Yorkers and international buyers alike; I think by 2016 this already hot neighborhood will be on fire. Overall, we try to focus all of our development projects in neighborhoods that have a strong appeal to specific market segments.
4. Do you handle sales for your projects internally, or do you hire a broker? What are the major reasons you choose one Realtor over another?
A: We handle sales internally, but encourage cobrokerage relationships with a broad spectrum of real estate sales companies and individual brokers.
5. What project are you most excited about right now, and why?
A: Our main focus right now is on the highly-anticipated 63-story residential luxury tower, 50 West. Designed by world-renowned architect Helmut Jahn with interiors by acclaimed designer Thomas Juul Hansen, the building is slated to be
an integral part of the iconic redefinition of the New Downtown skyline. Sales will be launching this spring.
6. Building height seems to be a trend. How high is too high? When does a consumer start tofeel uncomfortable?
A: 50 West is 63 stories, which I think is a comfortable height. As residential buildings get higher, I think some buyers may feel uncomfortable at a higher elevation than the surrounding buildings.