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."
Collegiate acquired the land from Columbia College in 1857 and built St. Nicholas Reformed Church on the site. The church was closed and demolished in the late 1940s and Collegiate leased out the land. The 28-story office building contains in excess of 400,000 sf, and was opened in 1951. Inclusive of renewal options, the ground lease with the building's current owner, RCPI Landmark Properties LLC, runs through 2084.
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