Ira Schuman and David Carlos of Savills Studley navigated a multi-part deal adventure with a 300-member temple, a slew of developers and even a trip to California to confer with the neighbor, Disney, which owned most of their block.
Hired in July 2012, the goal was to have their financially prudent client, Congregation Habonim, double in size. One option was to stay and rebuild at their own 11,000-square-foot 44 W. 66th St., which was plagued with repair issues, or find another permanent home and/or a temporary location.
Either way, the brokers needed a place for services and the nursery school while the temple was undergoing repairs.
After wandering around the Upper West Side deal desert, spinning a dreidel through 29 offers, and going through serious negotiations with four, the brokers obtained a commandment from the congregation to sell and found it a temporary spot nearby. It will later own 27,000 feet for its new synagogue and nursery school in the base of a new luxury tower on its former site.
Developer Megalith also swapped partners to the more experienced Extell Development, which needed the deal tweaked.
The entire megillah included seven counter parties in six transactions covering a sale, purchase, leases, air rights, terminations, assignments and guarantees.
When it opens the doors in Jan. 2018, $15 million will be in the bank. Amen.REBNY, set, go: The Most Ingenious Deal of the Year nominees
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