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…. [more]
Posts Tagged ‘leslie himmel’
Several Manhattan real estate insiders speaking on a panel this morning poured cold water on an ambitious proposal from Mayor Michael Bloomberg to rezone the aging Midtown East business district —with one executive saying it would never be realized and another predicting any impact would not be felt for 10 or 20 years.
Robert Lapidus, president of L&L Holding, which is planning to develop an office tower at 425 Park Avenue in the middle of the proposed zone, predicted Bloomberg’s attempt to spur Midtown East development would ultimately fail or be so watered down as to have little impact. [more]
From left: James Wacht, principal of Sierra Realty and co-founder Lee & Assoicates NYC, Edward Indvik, vice chairman of the Lee & Associates investment group, and 12 East 46th Street (building credit: PropertyShark)
Los Angeles-based real estate brokerage firm Lee & Associates, which reported
$4.4 billion in transactions nationally last year, but has been off the radar in New
York City, opens its first office here today, company executives told The Real
James Wacht and Peter Braus, principals of commercial brokerage Sierra Realty,
formed the new entity that will operate as Lee & Associates NYC, based in
Midtown and operating in Manhattan. The new company now has 14 brokers and
agents (brought over from Sierra Realty), but by the end of next year they expect
it to have 10 new hires in office, retail and multi-family leasing, Wacht said.
Wacht and Edward Indvik, vice chairman of the Lee & Associates investment
services group, spoke with The Real Deal yesterday.
“What we are going after are brokers who have a pretty good track record,
probably in excess of half a million dollars in gross commissions on an annual
basis,” Wacht said…. [more]