SOURCE: Time Equities

August 12, 2008 10:23 ET

New York Developer Breaks Ground on 65-Story Lower Manhattan Green Condo and Boutique Hotel

NEW YORK, NY--(Marketwire - August 12, 2008) - New York-based developer Time Equities, Inc. hosted a groundbreaking event June 23, 2008 to celebrate Lower Manhattan's newest green residence and boutique hotel, 50 West Street. Designed by world-renowned architect Helmut Jahn, the $600 million, 580,000-square-foot mixed-use skyscraper anticipates LEED-Gold certification upon its completion in 2011.

View the groundbreaking ceremony.

Nearly 150 guests watched as Francis Greenburger, chairman and CEO of Time Equities, welcomed community leaders, government officials and project partners. The event included the unique addition of a blessing of the site by religious community leaders.

Phillip Gesue, director of acquisitions and development for Time Equities, said the building is the first to be built in Manhattan in more than 20 years by renowned architect Helmut Jahn and will provide a critical pedestrian passageway linking the southern part of Battery Park City to the Financial District. "50 West Street is marked by sustainable design, advanced technology, landmark architecture, and commitment to the community," said Gesue.

Sustainable technologies utilized by this eco-friendly building will include sustainable technologies, such as a green roof, water-efficient plumbing fixtures, automated blinds and energy control systems. Demolition waste will be recycled, and the new construction materials will be sustainable and rapidly renewable. The 65-story tower will feature an energy efficient glass facade to promote use of daylighting and filter UV rays.

Time Equities will donate $4.6 million to the Department of Housing Preservation and Development's affordable housing preservation fund, $350,000 to the NYC Board of Education for a Lower East Side Space Sciences Center and $430,000 to local P.S./I.S. 89 for a computer science program.

The development will contain 240 residential units and 150 hotel and retail units and is expected to create 740 construction jobs and 175 permanent jobs. The architect of record is New York City-based Gruzen Samton.

About Time Equities:

Privately-held Time Equities, Inc. (TEI), founded in 1966, has been in the real estate investment, development and asset & property management business for more than 40 years. The TEI portfolio consists of approximately 20.4 million square feet of residential, industrial, office and retail property. TEI is implementing portfolio-wide sustainability initiatives aiming to reduce the carbon footprint associated with the operation of its buildings by 20 percent by 2010. TEI will be carbon neutral in its corporate operations by the end of 2009.

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