REBNY names winners for annual Commercial Sales Most Ingenious Deal of the Year Awards

Manhattan, NY The Real Estate Board of New York brought together hundreds of members on April 30^th for the recognition of the REBNY Commercial Sales Most Ingenious Deal of the Year Awards. The 81^st occurrence of the annual event was hosted at the Lever House in Midtown and saw a team from ABS Partners take home the top award, followed by professionals from CBRE in second and Savills in third.

Conceived in 1944, the member contest honors ingenuity and resourcefulness in solving difficult problems in property negotiation. Co-chairs of the sales broker committee Woody Heller of Branton Realty Services and Michael Rudder of Rudder Property Group presented the following awards for calendar year 2024.

• The first-place Henry Hart Rice Achievement Award to Randy Modell, Steven Hornstock and Gregg Schenker of ABS Partners Real Estate for “Mission Impossible: Cut a Building in Half and Demolish While the Other Half Remains Occupied” at 1450 Third Ave. of the Americas. In this transaction the brokers executed a decade-long assignment of relocating 17 statutory tenants in order to demolish half the building – becoming the first multifamily building in New York City to be severed and partially demolished, while the remaining portion is occupied - allowing significant development value to be realized on the site of the demolished portion.

• The second-place Robert T. Lawrence Memorial Award to Mary Ann Tighe and Lauren Crowley Corrinet of CBRE for “Hat Trick: Sotheby’s 60-Year Quest” at 1334 York Ave., 945 Madison Ave., and 25-11 49^th Ave., Long Island City. The team honored with this award helped guide the centuries old Sotheby’s through three complex transactions at once: identify a new site to fulfill the auction house’s practical logistical needs, secure a “front of house” space that reflects the brand for over 80,000 annual New York visitors and target clientele for live transactions, and guide the disposition of its current owner-occupied space at 1334 York Ave. To support Sotheby’s complex logistical needs, the CBRE team guided the acquisition of an expansive, recently renovated space in Long Island City; for “front of house” the team pursued and secured a deal at the former Whitney Museum and current swing home of the Frick at 945 Madison Ave.; engineered a competitive lease of Sotheby’s current space.

• The third-place Edward S. Gordon Memorial Award to Geoffrey Newman of Savills for “Holy Ground, High Stakes and Ingenious Moves: The Community Church of New York’s Bold Transformation” at 24-40 East 35^th St. In this transaction, Newman was able to tactfully support The Community Church of New York (CCNY) in the sale and redevelopment of its properties at 26-40 East 35^th St. for a profit that secured a financial future for the nearly 200-year-old institution. Faced with unprecedented challenges, including pandemic induced market disruptions, zoning and legal barriers, tenant relocations, internal negotiations, and last-minute regulatory roadblocks, this deal required a high level of strategic creativity, ingenuity and problem-solving.

“No deal is ever as simple as a closing price and relocation headline, as tonight’s winners demonstrate in spades,” said REBNY president James Whelan. “REBNY takes pride in showcasing the ingenuity of our members and the impactful work they oversee for historic New York institutions and businesses each year at this event.”