Studley arranges $23m Rockefeller deal

In a deal that could further bolster development on the south side of Rockefeller Center, the Capital Transactions Group at Studley has just reported the $23 million sale of a 131,500 s/f development site at 16 and 20 West 48th Street, combining the available air rights above the adjoining 10 West 48th Street, a parking garage.

Studley represented the seller, Central Parking System. The buyer of the properties, a partnership led by Jules Demchick and Harry Feldman of J.D. Carlisle Development Corp., intends to maximize the development potential of the land by razing the two existing retail properties and building a residential condominium or hotel.

The parking garage, an essential amenity for the neighborhood, will be maintained.

"These properties, which lie in the penumbra of Rockefeller Center and at the edge of the Jewelry District, offer the opportunity to extend the upscale cachet of the neighborhood onto the southern side of 48th Street," said Woody Heller, Executive Managing Director and head of Studley's Capital Transactions Group.

"Any new structure, whether a condominium or hotel, is almost assured of success since such a building will be the first to offer these uses in the immediate area of Rockefeller Center."

"This transaction was particularly profitable for us," said Biff Porter, Senior Vice President of Central Parking System, "because it enabled our firm to continue our long-term and very successful ownership of the parking garage while capitalizing on the previously unrealized development potential of the neighboring sites.

"Furthermore, the parking facility will also benefit from the redevelopment of these two properties."

"Rockefeller Center has enjoyed an enduring and unique position in the New York market since its creation," said Mr. Demchick.

"The acquisition of these 48th Street properties allows us to augment its offering to the city with an inspired new development that will serve both its tenants and the neighborhood well, introducing more services, employment opportunities and additional attractions."