| Photos: Rob Klein |
| Whenever it rains, we’re curious how certain people can stay under their umbrellas without getting wet. And that’s what a packedYMWREA luncheon learned last week from Himmel + Meringoff principal Stephen Meringoff, who discussed a fascinating history of real estate cycles since 1960. He talked about his 33-year-old company, and he and partner Leslie Wohlman Himmel’s business plan to be long-term holders of Class-B buildings they acquire, renovate, and operate. (If you have to spend more than 40% to renovate a property, an acquisition is probably not a good economic bet, he says.) Everything’s done in-house; they acquire, lease, operate, and do construction supervision. |
| Stephen with (clockwise) Cushman & Wakefield’s David Berke, JLL’sGlenn Tolchin, UGL Services' John Pavone, Rudder Property Group’s Michael Rudder, Transwestern’s Lindsay Ornstein, Tudor Realty Services' Andrew Lazarus, Newmark Knight Frank's Stephen Gordon, and The Durst Org’s Brandl Frey. H+M is conservatively leveraged and has low debt, Stephen says, and that’s why the firm was able to weather the recent recession. In ’08 and ’09, they focused on keeping buildings in their portfolio occupied, and sold four buildings—reluctantly—to stay afloat, atypical for them. H+M looks for emerging markets, but it has remained totally NY-centric, all but closing its operations in LA. |
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