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.