Bible publisher to unload longtime Columbus Circle HQ

American Bible Society puts 300,000-square-foot residential condo on the block

TRD New York /
Mar.March 25, 2014 05:15 PM

The American Bible Society has placed its 180,000-square-foot Columbus Circle headquarters on the market.

The 12-story property at 1865 Broadway at West 61st Street, where the group has based its operations for 48 years, is expected to fetch $300 million or more. ABS then plans to lease a replacement office space or purchase another building. With the nonprofit’s departure, the new owner could scrap the existing building and construct a 300,000-square-foot residential condominium tower in its place, using surplus development rights on the site, according to Crain’s.

“The 1865 Broadway property has served us well for nearly 50 years,” ABS chairman Pieter Dearolf said in a statement to Crain’s. “The decision to sell the property was made to unlock the value of the site to further the mission of the American Bible Society.”

The nonprofit tapped Cushman & Wakefield’s Helen Hwang, Nat Rockett and Steve Kohn to market the property, located one block from Central Park and within a stone’s throw of the Zeckendorfs’ luxurious 15 Central Park West.

A buyer could pay north of $1,000 for the property’s development rights alone, and retail space in the building’s base could tap into the area’s high commercial rental rates, according to Crain’s.

“When you see a high-end development site it has to have the right zoning and scale, the right height and footprint, it has to be on a corner and have a presence, and it has to be near marquee amenities like Central Park and the river,” Hwang told Crain’s. “This site checks all of those boxes.” [Crain’s]Julie Strickland


Related Articles

arrow_forward_ios
The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

Bruce Mosler and Simon Ziff

Simon Ziff and Bruce Mosler join lineup at Future City 2020

151-45 6th Road and Stephen Preuss

Massive, controversial Queens site back on market

Gary Barnett and 1855 Broadway (Credit: Google Maps)

Gary Barnett assembling Columbus Circle development site

The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

Vineyard Vines HQ sold in Stamford, Avon inks Rye deal & more Westchester and Fairfield real estate news

Vineyard Vines HQ sold in Stamford, Avon inks Rye deal & more Westchester and Fairfield real estate news

Fifth Wall co-founders Brendan Wallace and Brad Greiwe (Credit: Jeff Newton)

Real estate tech investor Fifth Wall launches $500M fund

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

arrow_forward_ios