729 Seventh Avenue

The Opportunity

In 1996, Himmel + Meringoff purchased 729 Seventh Avenue, an 17-story, 164,000-square foot office condominium on the southeast corner of 49th Street in the Times Square district in Manhattan. The lender was seeking foreclosure and the retail condominium owner held a first right of refusal on any sale. The lender initiated a sale in the form of a deed-in-lieu of foreclosure.

Actions Taken

Recognizing the distressed situation and the long-term growth potential for commercial office space, Himmel + Meringoff:

  • Closed title within 30 days in an all cash transaction;
  • Quickly instituted a capital improvement program, including a new entrance, lobby and elevators; and
  • Completed an aggressive leasing campaign for the vacant space.

Value Created

Within a short time, the property was fully occupied significantly increasing cash flow and boosting NOI and value. Capitalizing on special zoning for signage in Times Square, leasable signs were installed on the roof and fa├žade, significantly increasing annual cash flow.

Summary

Within a year the company turned a struggling "also ran" into a stable, profitable investment.

view building page

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