Himmel + Meringoff sells 686 Lex to Turkish hotelier for $21M

Marmara Hotels to construct extended-stay hotel on site, seller says

May.May 13, 2014 03:00 PM

UPDATED, 10:21 a.m., May 14: Flatiron District-based private real estate investment firm Himmel + Meringoff Properties sold a Midtown East commercial building that houses a Harley Davidson motorcycle accessories store, according to property records filed with the city today.

Turkish-based hotel chain Marmara Hotels & Residences acquired the 15,000-square-foot property at 686 Lexington Avenue, near 57th Street, for a total of $21.25 million, Stephen Meringoff of Himmel + Meringoff told The Real Deal. The sale includes $13.7 million for the fee interest and $7.5 million for the leasehold interest. Alan Cohen of ABS Partners Real Estate represented the buyer in the deal; no broker represented the seller.

The building holds a total of six commercial units, including 9,000 square feet in office space and 6,000 square feet in retail space.

Marmara bought the building’s air rights for $4 million in 2010 and wants to build an extended-stay hotel on the site, Meringoff said.

“We own 681 Lexington and thought it would benefit from a hotel on the corner,” Meringoff told TRD.

A spokesperson for Marmara could not be immediately reached for comment.

In 2012, Marmara, which primarily operates a high-end extended-stay hotel at 301 East 94th Street, paid $55 million for the failed condominium conversion at 114 East 32nd Street, as previously reported.

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