Studley's executive managing director Woody Heller says a 100% interest would sell for between $175 million and $200 million. Heller is acting on behalf of Collegiate. The site is located at 48th Street and Fifth Avenue.

According to Collegiate executive vice president and chief operating officer Casey R. Kemper, the land is on the market so Collegiate can "adjust asset allocation in its endowment portfolio." The church wants to hold on to the minority interest because the land has been in its portfolio for almost 150 years, he adds.

Heller says it's rare that fee interests become available in Manhattan, and even more rare in Rockefeller Center. He expects this offering will "attract strong and diverse interest, from both traditional real estate investors and non-traditional investors, seeking alternatives to the low-yielding fixed income options otherwise available."