In 2003, Himmel + Meringoff in partnership with Prudential Realty Investors purchased 360 Lexington Avenue, a 258,000-square-foot building in the Grand Central submarket. The seller sought a rapid resolution requiring an all-cash contract signing by year-end.
The desirability of the location influenced the principals to act swiftly. In short order the Himmel + Meringoff team:
The leasing efforts quickly led to both new leases and increased renewals both of which contributed to a significant increase in operating revenue. In 2008, Himmel + Meringoff sold the property for $129.5 Million.
The company capitalized on its reputation within the brokerage community and its track record with financial institutions to commence and finalize negotiations with a major lender within a compressed timeframe. Leveraging its ability to bring significant equity to the deal, Himmel + Meringoff executed expeditiously addressing both the seller's financial and time requirements.
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