Two real estate investors who picked up a 116,000-square-foot building at 158 West 27th Street for $25 million in 2010 have more than doubled their money, selling the Midtown South property for $57.5 million, Crain’s reported.
Stephen Meringoff and Leslie Himmel sold the building to Emmes Asset Management. Adam Spies and Doug Harmon of Eastdil Secured — the same pair who handled the Chetrit Group’s $1.1 billion purchase of the Sony Tower — brokered the deal.
Meringoff and Himmel acquired the building in 2010 by assuming the building’s distressed debt and forcing a takeover. The duo invested in building improvements, included a renovated and expanded lobby.
Meringoff, who in August of last year acquired a $21 million penthouse at the Verona on East 64th Street in an innovative deal, told Crain’s he had put the proceeds of the 158 West 27th Street sale into an escrow account but has been hard-pressed to find a viable investment. “We find it impossible to buy anything right now,” Meringoff said. “People have raised money that they feel they have to put out into investments and it has pushed prices way up.” [Crain’s] –Hiten Samtani