The last rites: St. Patrick’s deal blocked by exclusive men’s club

The Brook strikes deal with 405 Park owners

New York /
Aug.August 09, 2018 06:00 PM

405 Park Avenue and Saint Patrick’s Cathedral at 5th Avenue (Credit: CityFeet and iStock)

If there was a commandment for not coveting thy neighbor’s air rights deal, The Brook would face damnation. The exclusive private men’s club agreed to sell its unused development rights to the owners of 405 Park Avenue, scuttling a previous agreement with St. Patrick’s Cathedral and costing the church millions.

Back in March the owners of 405 Park, MRP Realty and Deutsche Bank, reached a deal to buy 30,000 square feet of air rights from St. Patrick’s Cathedral for $7.2 million. The deal would have also led to a $2 million investment in public infrastructure under the rules of Midtown East’s new zoning.

But The Brook, a club located at 111 East 54th Street, swooped in and undercut the Archdiocese’s price, Crain’s reported. Because its property sits right next to 405 Park, the club can sell its air rights under pre-rezoning rules and doesn’t have to pay into a city fund for public upgrades. “Everything else being equal, yes, the fact that there is the toll to the city, if the adjacent neighbor is willing to sell, they are at an advantage,” said Brian Strout of City Center Real Estate, an air rights and land assemblage advisory firm.

MRP and Deutsche bank plan to add four floors to 405 Park Avenue and renovate the property, which currently stands 17 stories tall. [Crain’s] — Konrad Putzier


Related Articles

arrow_forward_ios
Taconic, Nuveen pay $70M for UES office building
Taconic, Nuveen pay $70M for UES office building
Taconic, Nuveen pay $70M for UES office building
Almost half of NYC buildings received either a D or F grade (Getty)
48% of NYC buildings fail on energy efficiency
48% of NYC buildings fail on energy efficiency
Durst Organization Chairman Douglas Durst and Port Authority Chairman Kevin O’Toole (Getty, O'Toole Scrivo)
1 WTC set for $700M refinancing
1 WTC set for $700M refinancing
Dollar General to open 1k stores aimed at wealthier, more suburban shoppers
Dollar General to open 1k stores aimed at wealthier, more suburban shoppers
Dollar General to open 1k stores aimed at wealthier, more suburban shoppers
(Facebook via The Palms Hotel Fire Island)
Fire (Island) sale: Palms Hotel hits the market
Fire (Island) sale: Palms Hotel hits the market
Trump International Hotel D.C. and Donald Trump (Getty, Trump Hotels)
Trump could profit $100M in DC hotel sale
Trump could profit $100M in DC hotel sale
Related's Stephen Ross and the Chelsea-Elliott Houses (Getty, Wikimedia)
Related wades into NYCHA — and becomes a target
Related wades into NYCHA — and becomes a target
Enterprise President and CEO Priscilla Almodovar (Getty)
Enterprise closes low-income housing funds after raising $365M
Enterprise closes low-income housing funds after raising $365M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...