520 Park Avenue/47 East 60th Street
Air Rights Sq Ft: 70,659
Purchase Date: 2013
Purchase Price: $40.2 MM
Client: Christ Church/United Methodist/Grolier Club
Every year the Real Estate Board of New York (“REBNY”) rewards three commercial transactions as being the “Deal of the Year. ” One of these awards was presented to M. Myers Mermel and Caroline McLain of Tenantwise for arranging the sale of air rights from the Christ Church United Methodist at 520 Park Avenue to Zeckendorf Development. The principals overcame numerous obstacles during the 14-year process, and employed a multidimensional valuation methodology throughout negotiations to win over the developer and complete the assemblage. This innovative transaction enabled a small non-profit to achieve a record per square foot price from the only possible buyer of the air rights, who owned the neighboring development site.
Per the REBNY Diary and Manual: The award was conceived in May 1944 to honor real estate brokers that have consistently demonstrated rare ingenuity and skill in solving difficult problems of property negotiation. Year after year the contestants have revealed amazing examples of resourcefulness in originating transactions, ingenuity in their development, and determination in following them through to successful completion.