NEW YORK CITY—Cushman & Wakefield has been appointed by the American Bible Society to market the development site at 1865 Broadway, located on the northeast corner of 61st street and Broadway, in the heart of Columbus Circle and steps away from Central Park.
A Cushman & Wakefield team led by Helen Hwang, Nat Rockett, Steve Kohn, Karen Wiedenmann and Brian Szczapa is marketing the site. The 12-story property, which has been occupied by ABS for 48 years, currently serves as the corporate headquarters for the charitable organization and includes the Museum of Biblical Art, which exhibits art works inspired by the Bible. Cushman & Wakefield also will be assisting ABS in selecting a new ministry site.
The 200-year-old nonprofit is aiming to sell its headquarters and either lease a replacement office space or buy another building, notes Crain’s New York Business. That would allow the new owner to raze the building and put up a roughly 300,000-square-foot residential condo tower to be erected in its place using surplus development rights that exist on the site.
“The 1865 Broadway property has served us well for nearly 50 years. The decision to sell the property was made to unlock the value of the site to further the mission of American Bible Society,” says ABS board chairman Pieter Dearolf. “As we approach a third century of mission, we are laying the groundwork for the next 100 years of inviting people to experience the life-changing message of the Bible.”
“1865 Broadway offers an extremely rare, scalable development site located in one of the most exclusive sections for super-luxury development,” adds Hwang, EVP. “The chance to construct a market defining brand in a globally recognized location will place 1865 Broadway at the top of the list of major developments occurring anywhere in the world.”
Cushman declined further comment and GlobeSt.com was unable to ascertain the expected value of the property. However, Robert Knakal, chairman of Massey Knakal, tells GlobeSt.com, “Land all over the city is extremely valuable right now, it’s trading at all-time highs in many neighborhoods.”