1010 Park Avenue (Park Avenue Christian Church)
Air Rights Sq Ft: 83,333
Purchase Date: 2012-2014
Client: Park Avenue Christian Church
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Tenantwise began working with Park Avenue Christian Church (“PACC”) in mid-2007 to assist in the marketing of its air rights, but the collapse of the financial markets intervened and the sale was put on hold. The process was re-invigorated in 2012, when a developer that Tenantwise introduced, negotiated for an option to buy the air rights subject to Landmarks approval of the proposed building. However, Landmarks did not approve the proposed cantilever over the church building. PACC asked Tenantwise to assist in it restructuring the transaction, and the project is scheduled for completion in 2018.