Fee Interest Could Bring In More Than $150M

NEW YORK CITY-A piece of the Rock is for sale. The Collegiate Church Corp. has placed an 80% ownership position in the fee interest of a piece of land beneath 600 Fifth Ave. at the southeast corner of Rockefeller Center.

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.