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Mermel & McLain Management Purchases 104 W. 40th St

By LOIS WEISS

November 9, 2005

A boutique investment group has quietly pocketed a slender, 200,000-foot glass tower overlooking Bryant Park for more than $120 million and intends to grow it by 70,000 square feet for residential apartments.

The Springs Mills Building at 104 W. 40th St. just west across Sixth Ave. from the Bryant Park Hotel was sold by Aby Rosen and Michael Fuchs of RFR Realty without brokers.

The exact price could not be learned, but similar properties are selling for around $500 a foot.

Buyers Mermel & McLain Management partnered with Washington-based pension fund ASB Capital.

M&M's M. Myers Mermel and Caroline McLain will manage and lease the building and also redevelop it.

Sources say they have already hired Skidmore Ownings Merrill to plan a major renovation of the elevators and lobbies as well as an expansion upwards of the 20-story building, which has magnificent views of Bryant Park.

Neither Rosen nor Mermel returned calls for comment.

City records show RFR bought the building in 1999 for $29.5 million.

Along with various partners, Mermel & McLain also own the boutique office building at 660 Madison Ave. where rents run more than $100 a foot, as well as 48 Wall St., which is co-owned with Kent Swig.

Copyright 2005 NYP Holdings, Inc.
 

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