617 Lexington Avenue/159 East 53rd Street (St. Peter's Church)
Air Rights Sq Ft: 55,371
Client: Saint Peter’s Church
Lease Date: Created in 1977; Renewed in 2016
Appraised Value: $22.5MM
Tenantwise advised the Clergy on the Church’s negotiations with Boston Properties for the lease of its commercial condominium unit located at 617 Lexington Avenue aka 159 East 53rd Street. This condominium unit consisted of 55,371 square feet and it was created by the air rights transfer from the demolition of the original Saint Peter’s Church (1905-1977) on the site which allowed the construction of the Citcorp Center in 1977. At that time, a new church located at 619 Lexington Avenue was created in addition to the commercial condominium at 617 Lexington Avenue. Tenantwise advised the Church on value and renewal rates. The Church’s condominium is roughly one-quarter of the commercial base known as 159 East 53rd Street.
The renewal and extension of the lease allowed Boston Properties to create the new property, 159 East 53rd Street, which was marketed as an office space condominium. The entire space was formerly utilized as a retail condominium from 1977 to 2017 with tenants including Barnes & Noble and The Atrium Shops and Cafes.