360 Lexington Avenue

The Opportunity

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.

Actions Taken

The desirability of the location influenced the principals to act swiftly. In short order the Himmel + Meringoff team:

  • Executed the sale contract on 12/31/02, and closed title two weeks later, purchasing the property for $63.5 Million;
  • Injected $26 Million in equity into the property;
  • Arranged to transfer the existing $38.6 Million mortgage (syndicate of German lenders) to the new ownership entity; and
  • Upon closing, the company commenced a capital improvement program and an aggressive leasing campaign.

Value Created

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.

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