Insignia/ESG wins REBNY award
Jun 26, 2002 12:00 PM, —staff & wire reports
New York-based Insignia/ESG has won The Real Estate Board of New York’s Most Creative Retail Deal of the Year award.
In July 2001, Insignia brokered the sale of 1356 Broadway, a 78-year-old Greek revival bank, to home appliance manufacturer Haier America for $14 million. Himmel + Meringoff Properties Inc. was the seller. A portion of the 6-story landmark building will become Haier America’s flagship store. The rest will be used as the firm’s corporate headquarters.
Haier America actually purchased a leasehold interest in the 52,000 sq. ft. property, with a guaranteed option to purchase the fee simple interest in seven years. Himmel + Meringoff retained the ownership of the air rights — a crucial factor, considering that zoning laws specify that the site could accommodate a much larger building, up to 300,000 sq. ft.
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