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.
Recognizing the distressed situation and the long-term growth potential for commercial office space, Himmel + Meringoff:
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 façade, significantly increasing annual cash flow.
Within a year the company turned a struggling "also ran" into a stable, profitable investment.
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