Himmel + Meringoff buys mixed-use warehouse in the Bronx for $89M

Himmel + Meringoff Properties, which made early bets on Long Island City in the 1980s, has turned its attention to the Bronx and acquired a mixed-use Bronx warehouse for $89 million.

The Manhattan-based firm partnered with Square Mile Capital Management to purchase the 305,000-square-foot warehouse at 1601 Bronxdale Avenue, according to Crain’s. The purchase price works out to be close to $291 a square foot.

The site is reportedly 100 percent leased, with two thirds occupied by automobile-parts retailer Parts Authority and other occupants including New York Sports Club gym and Con Edison.

A Pinnacle Realty team led by Fred Stein, Decio Baio and George Margaronis represented both sides of the deal.

Himmel + Meringoff, led by developers Leslie Himmel and Steve Meringoff, have previously targeted warehouse sites in emerging neighborhoods. In 2017, the firm purchased a 127,000-square-foot office and warehouse building in Long Island City at 21-07 41st Avenue for $25 million. The firm also owns a 200,000-square-foot building at 34-02 Queens Boulevard, which it purchased back in 1986.

Square Mile Capital Management has also been active recently. In March, the firm provided a $25 million preferred equity investment to Sam Chang’s McSam Group for the under-construction Hyatt Place hotel at 350 West 39th Street in the Garment District. And in December, it provided the Moinian Group with a $131.5 million loan for its 31-story North Building at the two-building, mixed-use complex called 17 Battery Park.

Warehouses across the city have become hot commodities for landlords. Prime Storage purchased a Red Hook warehouse at 62 Imlay Street for $100 million in March. And in January, Maryland-based Realterm Logistics paid $115 million for 1500 Bassett Avenue in Morris Park, a 366,000-square-foot distribution center. [Crain’s] — David Jeans

https://therealdeal.com/2019/01/02/maryland-based-company-pays-115m-for-modells-warehouse/