A year of great opportunity.

Himmel + Meringoff Properties, owner of over two million square feet of commercial properties in New York, looks to 1997 as a year of great opportunity. Throughout the last decade, we have flourished and steadfastly maintained a 97 percent occupancy rate for our entire portfolio. Now we can continue to build upon our strong foundation and profit from the market's resurgence.

In the midst of the market euphoria that currently exists, my partner, Stephen J. Meringoff, and I recently acquired a 150,000 square foot office building in the Times Square area. Teaming up with Black-acre Capital in an all-cash 30-day transaction, the 17-story building at 729 Seventh Avenue was purchased from the owner through a bankruptcy proceeding in cooperation with the lender, Mass Mutual Life Insurance Company.

Situated in the heart of a newly revitalized neighborhood, the property is in good company. Many large firms are making long-term commitments to the area, some of whom are: Morgan Stanley, owner and occupant of 1585 Broadway; Disney on 42nd Street; At 4 Times Square, which is currently under construction by the Durst organization, Skadden, Arps, Slate, Meagher & Flom rented 660,000 square feet and Conde Nast rented 583,000 square feet. Paine Weber renewed 598,400 square feet at 1285 Sixth Avenue; News Corp. renewed 503,200 square feet at 1211 Sixth Avenue.

729 Seventh Avenue presents yet another opportunity for us to enhance value and reposition the property by implementing superior, efficient management, maintenance, and a smart marketing program that will cater to a diversified clientele and is in step with the Broadway theme. A full service building, its amenities include an attended lobby, full-floor identity with tenant-controlled air conditioning, and easy accessibility to major transportation lines.

In business since 1979, Himmel + Meringoff Properties is primarily owners, landlords, and operators of commercial office buildings. We are a vertically integrated company which consists of highly motivated real estate professionals with expertise and experience in the areas of management, marketing, leasing, engineering, renovation and development, financial analysis, acquisitions, dispositions, debt placement, and refinancing. Our in-house operation effectively allows us to maximize each investment's potential for growth and profit.

Once acquired, these properties are assigned to property managers who monitor an intense program of strategic marketing, renovation, and stringent financial controls. Consequently, the value of the real estate is increased through the infusion of these tenanting techniques.

The firm's success and longevity can be attributed to our healthy reputation of integrity, espousal of ethics, and financial strength. As principals in the acquisition of real estate, we recognize the contributions that the broker can bring to our efforts and aim to assist the broker in closing deals. Participating brokers can be assured that his/her interests will be protected. Full commissions are paid in accordance with our standard commission agreement.

Real estate in New York City, as we know, has historically gone through several radical economic cycles and is just pulling out of an extended recession. Buyers, domestic and foreign, are shopping for New York City properties with gained interest; lenders are plentiful. The repeal of the Real Property Transfer Gains Tax, or "Cuomo Tax," has prompted sellers to relinquish properties no longer desired, with the prospect of keeping more available proceeds.

In 1997, we intend to further expand our portfolio. Armed with a strong equity partner and available funds in excess of $100 million, we are actively pursuing new acquisitions of well-located commercial properties. Our investments are derived through patience, careful analysis and consideration.

We are particularly responsive to acquisition opportunities of commercial properties that have become undervalued, mismanaged, or structurally uncompetitive, such as: REO, partners buying each other out, tax restructuring for estate planning, and bankruptcy sales. "The man who grasps on opportunity," Dale Carnegie once said, "as it is paraded before him, nine out of ten times makes a success; but the man who makes his own opportunities is, barring an accident, a sure-fire success."