June 19, 2017 Comments Off on Value-Added in Long Island City Views: 625 New York News, Outer Boroughs New York

Value-Added in Long Island City

Himmel + Meringoff bought a 127,000-square-foot office and warehouse building in Long Island City, with plans to transform the property.

“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.”

Himmel + Meringoff plan to renovate the six-story building to add 11,000 square feet of new retail space, providing much desired supply in a property market underserved for uses such as fitness, healthcare, food & beverage and grocery.

The warehouse property is just one subway stop from Cornell University’s new Technion applied sciences graduate school on Roosevelt Island, and two stops from Midtown Manhattan.

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.

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