New York-based Insignia/ESG has won The Real Estate Board of New Yorkâ€™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 Americaâ€™s flagship store. The rest will be used as the firmâ€™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 â€” a crucial factor, considering that zoning laws specify that the site could accommodate a much larger building, up to 300,000 sq. ft.