Himmel + Meringoff has expanded its footprint into the Long Island City market with a $25 million purchase.
The announced the acquisition of 21-07 41st Avenue, a 127,000 s/f warehouse and office building n at the F train subway station, two stops from midtown Manhattan and one stop from Cornell University’s new Technion applied sciences graduate school on Roosevelt Island.
The six-story property features four sides of light and floor plates of 20,000 s/f. It represents a long-term repositioning opportunity for Himmel + Meringoff, which anticipates making 11,000 s/f of newly created retail space available.
The New York landlord is looking to meet demand for underserved for uses such as fitness, healthcare, food & beverage and grocery.
“We’re very excited by this latest acquisition. The property is tremendously well located and represents an important long-term, value-add investment opportunity,” said Leslie Himmel, co-managing partner of Himmel + Meringoff.
“We were able to acquire this property at a very attractive cost basis. Over the years, we’ve developed a significant war chest that gives us the flexibility to move rapidly to close on deals. As we navigate through this current cycle, we expect to see more opportunities like this and are well positioned to expand our portfolio.”
Acquisition and redevelopment financing for this transaction was provided by M+T Bank. Tom Tassone of Empire Leasing and Development represented the seller, who owned the property since 1982 and for many years housed his costume design business there.