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

The firm partnered with Square Mile Capital Management to purchase the 305,000-square-foot warehouse at 1601 Bronxdale Avenue.

TRD New York /
May.May 07, 2019 07:30 PM
Steve Meringoff and Leslie Himmel with 1601 Bronxdale Ave (Credit: Google Maps)

Steve Meringoff and Leslie Himmel with 1601 Bronxdale Ave (Credit: Google Maps)

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

Maryland-based company pays $115M for Modell’s warehouse


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Mayor Bill de Blasio (Getty)

City grants property owners another month to avoid tax lien sale

City grants property owners another month to avoid tax lien sale
Douglas Elliman’s New York City CEO Steven James and Zillow Group NYC general manager Matt Daimler (Courtesy Elliman via Youtube; Zillow)

Elliman gives in to StreetEasy’s manual listings

Elliman gives in to StreetEasy’s manual listings
443 Greenwich Street and 157 West 57th Street (Wikipedia Commons, StreetEasy)

Manhattan luxury contracts slow as city reopens

Manhattan luxury contracts slow as city reopens
CBRE broker Charlie Stephens, Juda Srour and attorney David Moreno Jr. (Linkedin, YouTube)

Racist comment posted using name of real estate executive

Racist comment posted using name of real estate executive
394 Vanderbilt Avenue (Douglas Elliman)

As weather heats up, Brooklyn luxury market doesn’t

As weather heats up, Brooklyn luxury market doesn’t
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...