Tenantwise brokers M. Myers Mermel and Caroline McLain represented the Christ Church at 520 Park Ave., where Mermel was a trustee for part of the 14 years it took to seal a final deal with brothers William Lie and Arthur Zeckendorf. The developers were putting together an assemblage for a new condominium on the north side of East 60th Street between Park and Madison Avenues.
In 2005, after a contentious process, the Grolier Club on East 60th Street agreed to sell its air rights and allow the Zeckendorf’s new building to cantilever over its property.
But the key to the project was obtaining not only the air rights from the church, but also its ritzy corner Park Avenue address.
As the deal broke apart and came together several times over the years, the brokers ensured pricing went up.
The final tab of $30,383,370, or $430 per foot for 70,659 square feet of air rights, was the highest at the time. Final pricing with other benefits will total $602 a foot, and as a comp, will affect air rights prices in the future Midtown East Rezoning area.
The church will also get some perks including a new 60th Street sidewalk and maintenance, new façade lighting and payment of that electric bill.
Public records show the church will change its own address to 522 Park Ave. while receiving $30,000 per year for 100 years to give up No. 520. This should provide millions of dollars more in lucrative condominium sales for the Zeckendorfs’ 31-unit, 51-story project of
178,578 square feet designed by Robert A.M. Stern.
Mermel and McClain also oversaw the approvals for the entire package that needed to be obtained from the trustees, the congregation, the denomination itself, the New York State Attorney General and the New York State Supreme Court.
