Situated in the heart of Manhattan’s Lower East Side, 180 Orchard Street is a prime example of Meir’s off-market deal sourcing capabilities.
Meir contracted to purchase the retail and garage condominium units below a hotel development project in 2013 by approaching the hotel developer directly and negotiating an astute deal pre-development. With atypical high ceilings and building quality, Meir recognized that the retail space would offer a unique space product to retailers. He also recognized the remarkable supply-demand imbalance with parking space in the rapidly evolving submarket, and the crucial relief that the garage space would offer for parking demand. After closing on the purchase in early 2015 with highly favorable permanent and mezzanine acquisition financing, Meir quickly found buyers for the retail portion and secured a sale transaction in early 2016. Cohen Equities still owns the garage portion.