Mermel & McLain Management’s affiliate, Tenantwise, Inc., is a leader in air rights advisory assignments in New York City.
The air rights submarket is the most opaque of all real estate submarkets. Since 2012, Tenantwise is the only firm that researches over 30-50,000 documents per year to develop a comprehensive list of all air rights transactions which includes ranking of transactions by price, size, segment, intended use and community board. Customized analyses of the air rights transactions are prepared for Tenantwise’s advisory clients which provide them with a comprehensive understanding of the value of their air rights.
Because many churches and synagogues are underbuilt per zoning regulations, excess air rights are often available to transfer to other property owners for a financial return. Tenantwise team members frequently consult with churches and synagogues and are familiar with the approval processes of most denominations as well as those of the relevant government agencies.
Since the Real Estate Board of New York (“REBNY”) has recognized up to three commercial transactions through “Deal of the Year” awards. One of these awards was presented to M. Myers Mermel and Caroline McLain of Tenantwise for arranging the sale of air rights from the Christ Church United Methodist at 520 Park Avenue to Zeckendorf Development in 2013. The award was the only one given with regards to an air rights transaction since the inception of the award.
