521-533 West 57th Street

The Opportunity

In 2003, Himmel + Meringoff purchased 521-533 West 57th Street, a 480,000-square-foot building located on Manhattan's Westside between Tenth and Eleventh Avenues, in proximity to Time Warner Center, Hearst Publishing and Columbus Circle. Given the complex nature of the transaction, including two interconnected condominium interests and a variety of legal entanglements, (a tenant in bankruptcy, changing tax lots, and right of first refusal and a separate right of first offer as part of the condominium structure), the seller pursued Himmel + Meringoff based on the firm's reputation for executing similarly complex transactions.

Actions Taken

Recognizing the long-term value in purchasing the property, Himmel + Meringoff:

  • Acquired a condominium ownership of the first six floors; and
  • Closed title in less than 30 days.

Value Created

Himmel + Meringoff leased the 82,000 SF of available space to CBS Corporation, Labcorp, and The International Multiple Sclerosis Management Practice and renewed leases covering 220,000 SF.

Summary

Utilizing tenacity and experience Himmel + Meringoff assembled, negotiated and closed a complex deal quickly. The company's access to cash enhanced both the speed and the success of the transaction.

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© 2012 Himmel + Meringoff Properties LLC All Rights Reserved.  |  30 West 26th Street  |  New York, NY 10010  |  212.888.1810  |   Credits