Riverside Galleria is a project by Melohn Properties, Inc. a major privately-held real estate company active in the New York metropolitan area with active transactions across the country. The company and the Melohn family owns in excess of 1,000,000 square feet of commercial space, residential properties and free standing retail projects throughout the country. Melohn Properties, Inc. has over a half century of experience in the highly competitive New York City market. We have successfully adapted ourselves to the constantly evolving and highly cyclical real estate markets. Our strength has been and remains our unique combination of rapid response, thorough knowledge of the market, and “hands-on” management techniques haracteristic of a non-institutional owner. We also bring to bear the financial strength of our company as well as extensive contacts with investment and commercial banks. Like many of the long standing real estate families in New York, we own for the long term and have been successful not by seeking to maximize short-term profits but by enhancing the value of our assets and increasing the satisfaction of our most important client, our tenants.
The Third Generation
We are particularly proud that this period in our company’s history is marked by the emergence of the third successive generation of the Melohn family to assume active leadership of our company’s activities.
Melohn Properties, Inc. was founded in the early 1950’s by the elder Leon Melohn and his son, Joseph. Throughout the first decades of our existence we focused primarily on the strategic acquisition of large, well-situated multi-family apartment buildings in highly desirable New York City neighborhoods, generally on the Upper East and Upper West sides of Manhattan. As the demand for owner-occupied residences in the city increased, Melohn Properties, Inc.successfully converted a number of its residential properties to cooperative and condominium ownership.
Over the history of the company we have assembled a selected group of commercial, retail, residential and industrial properties.
The company’s recent history includes:
- Acquisition and Redevelopment: The Company acquired a 525,000 square foot office building in the New York City Financial District, completed a gut renovation, tenanted the building and in 2013 sold the property at a record-setting price. The sale was executed while the company was completing extensive repairs in the wake of Super Storm Sandy.
- Foreclosure Acquisitions: In the wake of the 2008 Great Recession the company was able to execute a number of strategic acquisitions with investment partners including:(a) The acquisition of a defaulted mortgage on an uncompleted luxury condominium project in Miami Beach, Florida and successfully exiting the investment in less than two years with virtually a complete sell out of all units. (b) Acquisitions in New York and New Jersey of defaulted mortgages for strategic residential and retail development sites in Staten Island, New York and Jersey City, New Jersey.
- Creative Financing: Providing mortgage financing for a 135 unit luxury condominium project on Long Island where the original mezannine lender, Lehman needed to exit this development as a result of its bankruptcy.
- Tax Free Exchanges. We have also completed a series of tax free exchanges selling a portfolio of industrial and office buildings of over 500,000 square feet and exchanging them for diversified portfolios of bond quality properties across the country.
Our Business Relationships
Melohn Properties, Inc. has long-standing relationships with JPMorgan Chase Bank. Our commercial tenant roster spans financial, service, professional organizations and executive offices of governmental organizations. To successfully compete in our increasingly complex business world Melohn Properties, Inc. retains the services of several major law firms, including Paul, Weiss, Rifkind, Wharton & Garrison; Katten, Muchen & Rosenman and Weil, Gotshal & Manges.
A Brief Overview of Our Structure
Melohn Properties, Inc. is an efficiently managed organization that thoroughly understands the critical importance of timely response in today’s competitive business environment. We are proud of our ability to respond quickly to the needs of our tenants as well as to investment opportunities as they arise.
Melohn Properties, Inc. will continue to pursue real estate investment opportunities in major urban markets. We are eager to further expand our relationships with the investment and commercial banking communities, to whom we will look both for debt financing and joint venture relationships as suitable opportunities arise. Most importantly, Melohn Properties, Inc. continues to seek quality tenants for its commercial properties. We seek well capitalized, established companies and governmental and quasi-governmental agencies and authorities who desire long term relationships with an owner committed to long term ownership of first-quality properties.