In 2010, Himmel + Meringoff purchased 158 West 27th Street, a 125,000-square-foot building located in the Chelsea neighborhood of Manhattan's Midtown South submarket. The property was 35% vacant at acquisition. The property was in the midst of a foreclosure and was impaired by significant deferred maintenance and lacked a Certificate of Occupancy.
Recognizing the long-term value in purchasing the property given its gentrifying location and mass transit access, Himmel + Meringoff:
Within eight months of acquisition, the property was 100% leased, including Planet Fitness signing a 20,000-square-foot multi-level retail lease, which marked its inaugural Midtown Manhattan location. Gracious Homes also took space to serve as its headquarters. Upon sale, a leveraged IRR of over 100% was achieved.
Through market foresight and capital investment, Himmel + Meringoff added value to the property and now provides a state-of-the-art health and fitness center as a market amenity. The property was recently sold for $57.5 Million.
© 2012 Himmel + Meringoff Properties LLC All Rights Reserved. | 30 West 26th Street | New York, NY 10010 | 212.888.1810 | Credits
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