NEW YORK CITY-Himmel + Meringoff Properties has agreed to buy a 12-story office building located at 158 W. 27th Street for an amount of $25 million. Currently, only one-third of the property is vacant.
The investor is now upgrading the building for $5 million. Himmel + Meringoff has plans to increase the building's income by leasing the space for $36 to $43 per square foot. The firm has put a $15-million loan on the property from Capital One Bank.For the full story, go to Wall Street Journal.
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