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Meridian Investment Sales is Exclusively Retained to Sell Two Fully Renovated Interconnected Vacant Townhouse Properties Located in Midtown East

Meridian Investment Sales is Exclusively Retained to Sell Two Fully Renovated Interconnected Vacant Townhouse Properties Located in Midtown East

Meridian Investment Sales is Exclusively Retained to Sell Two Fully Renovated Interconnected Vacant Townhouse Properties Located in Midtown East

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has been exclusively retained to sell two adjacent interconnected townhouse properties with world class office and residential appointments located in the Midtown East neighborhood of New York City.

The renaissance revival-style buildings are located at 117 and 119 East 55th Street, on the north side the block, between Park and Lexington Avenues. The property is being offered for $28 million and will be delivered vacant, presenting an immediate value-add opportunity. Both buildings were constructed in 1905 and completely renovated and combined in 2002 by Bromley Caldari Architects to create a contiguous property. 117 and 119 East 55th Street boast 37.5 feet of frontage and 12,305 square feet of air rights in addition to 14,166 gross square feet in the existing buildings. The property is currently configured as a boutique office building and a penthouse apartment that feature intricate architectural details, loft-like interiors with significant natural light, two elevators and a slate patio. Meridian Senior Executive Managing Director, David Schechtman, is marketing the property.

An investor can elect to pursue one of several value-add strategies for the property including immediate lease-up to commercial tenants, repositioning to capitalize on unused air rights or as a key piece of a potential future assemblage to secure a larger development footprint. It is located in a C5-2 zone and can be used for office or residential purposes. The buildings also have strong appeal to owner-users and could act as a private headquarters for a corporation or nonprofit organization and are strong candidates to become an embassy as well. Further, 117 and 119 East 55th Street work as a turn-key residential property that could feature an income producing retail component on the lower levels.

Located in the heart of Midtown Manhattan, 117 and 119 East 55th Street are situated amongst numerous highly acclaimed epicurean establishments, notable global cultural institutions, the shopping meccas of Fifth and Madison Avenues as well as Central Park. Residents or tenants of the property also benefit from easy access to the N, R, Q, 4, 5, and 6 trains at East 59th Street as well as the E, M and 6 trains at East 53rd Street. Bus service is widely available in the area with numerous crosstown, uptown and downtown routes near the property.

Additional information is available from exclusive agent, David Schechtman at (212) 468-5907 or dschechtman@meridiancapital.com.

About Meridian Capital Group:
Founded in 1991, Meridian Capital Group is one of the nation’s leading commercial real estate finance advisory firms and America’s most active debt broker. In 2014, Meridian closed 3,480 loans totaling more than $30 billion in transaction volume with 175 unique lenders, equating to $120 million per business day. Since its inception, the Company has closed more than $225 billion in transactions with the full complement of capital providers, including local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers, and it’s expansive platform has specialized practices for a broad array of property types, including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California. http://www.mis.meridiancapital.com

Meridian Investment Sales is Exclusively Retained to Sell the Prime 2,100 Square Foot Retail Property at Located 512 Broome Street in SoHo

Meridian Investment Sales is Exclusively Retained to Sell the Prime 2,100 Square Foot Retail Property at Located 512 Broome Street in SoHo

Meridian Investment Sales is Exclusively Retained to Sell the Prime 2,100 Square Foot Retail Property at Located 512 Broome Street in SoHo

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has been exclusively retained to sell the 2,100 square foot freestanding retail property located at 512 Broome Street in the exclusive SoHo neighborhood of New York City.

512 Broome Street is being offered at $5.25 million reflecting the substantial capital improvements made to the property, annual rent escalations and strong demand for retail assets in the SoHo marketplace. Meridian Senior Executive Managing Director, David Schechtman, is bringing the property to market on behalf of Hidrock Properties.

Hidrock Properties acquired 512 Broome in 2013 and looks to make a significant return after overseeing a gut renovation of the asset, making major improvements to accommodate a restaurant tenant. Capital expenditures include replacing the façade, new bathrooms, new heating and cooling systems and building out the basement to house a commercial grade kitchen and refrigerated storage.

512 Broome Street is located in the heart of SoHo just steps away from West Broadway, the famed retail thoroughfare, between Thompson Street and West Broadway. The property is composed of 1,100 square feet of on-grade space that includes 20 feet of frontage on Broome Street as well as 1,000 square feet of below grade space. The loft-like interior space is punctuated by six large skylights and features a counter-service café. Pi Bakerie, the sole triple net leased tenant through August 2023, is a premium baked goods and casual dining establishment that bakes all of its food on premises. Pi Bakerie uses select ingredients, authentic Mediterranean recipes and contemporary baking techniques to create unique flavor profiles for its menu. It is owned by the same group that owns and operates the famed Artopolis bakery located in Astoria.
SoHo consistently achieves significant rent premiums due to its prominence as a global retail destination that is home to numerous flagship stores for luxury brands from around the world. The area’s tenants also include many of New York City’s trendiest galleries, cafes and restaurants.

Additional information is available from exclusive agent, David Schechtman at (212) 468-5907 or dschechtman@meridiancapital.com.

About Meridian Capital Group:
Founded in 1991, Meridian Capital Group is one of the nation’s leading commercial real estate finance advisory firms and America’s most active debt broker. In 2014, Meridian closed 3,480 loans totaling more than $30 billion in transaction volume with 175 unique lenders, equating to $120 million per business day. Since its inception, the Company has closed more than $225 billion in transactions with the full complement of capital providers, including local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers, and it’s expansive platform has specialized practices for a broad array of property types, including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California. http://www.mis.meridiancapital.com

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#FORSALE: A six-story, 27-unit mixed-use property with 1,500 square feet of retail space located at 520 East 11th Street in the East Village near Tompkins Square Park. Asking price is $23 million. Please email InvestmentSales@meridiancapital.com for more information.

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