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Tudor City, the quaint English cottage-style apartment complex near the United Nations, this week reaches the final deadline for what has been a particularly quirky cooperative conversion.
"This is a crucial period for us," says Beth Fisher, assistant sales manager for Time Equities Inc., which is acting as agent for the sponsor.
Plans for six buildings with 2,342 units must be declared effective by Friday or show sales of 15%. And three buildings have posed problems for the sponsor, a partnership of Francis J. Greenburger, president of Time Equities, and Philip Pilevsky of Philips International.
Perhaps it's fitting the conversion's finale was capped by problems. A lengthy court battle over two small parks at Tudor City so frustrated the complex's former owners, Harry B. Helmsley and Alvin Schwartz, that in 1985 they sold out to Messrs. Greenburger and Pilevsky. That park battle also held up the co-op conversion.
Sales proceeding
So far, four of those six buildings have been declared effective (a seventh building, the Manor, was declared effective in October). And the sponsors say a fifth building is about to follow, after they sold the required 15% of the units to outsiders after negotiations with tenants failed.
As for the sixth building, the 95-unit Essex House, Ms. Fisher...
