Greenwich Village’s new school dormitory will become condos
Once America’s most expensive college accommodation, the New School dormitory at 118 West 13th Street is poised to become luxury condos.
The nearly 34,000 square foot property was sold to Slate Property Group for $ 22.85 million, or $ 673 per foot, in a deal reached late last week, The real deal has learned.
The 175 rooms of the New School’s Eugene Lang College dormitory were once dubbed the most expensive in the country, with students paying nearly $ 16,000 a year for room and board during the 2009-2010 school year, according to The Observe.
The seven-story building has been gutted and Slate is partnering with private equity firm Avenue Realty Capital to convert the building into a luxury condominium, sources say. Slate confirmed the sale but declined to comment on the condominium conversion. A knowledgeable person said BKSK Architects has been hired as a benchmark architect and a high-end interior designer has yet to be selected.
Bob Knakal, JLL’s president of investment sales in New York, handled sales for The New School and called the building a “fantastic site” for condos.
“There is very, very little new construction within a few blocks of this building,” Knakal said. “When these units hit the market, they will be a rare opportunity for a residential buyer. “
Knakal started marketing the new school’s dormitory three years ago and received an offer of around $ 30 million, but the school decided not to proceed with the sale. The property returned to the market this year and Knakal said he expected to find a willing buyer in the ‘high teens’.
A source familiar with the deal said Slate had to increase its initial bid to $ 22.85 million to compete with other bidders. The person said The New School was very focused on working with a buyer “they knew they could close”. Slate acquired the dormitory with funding from Signature Bank, although the loan amount is not known, sources said. The mortgage and deed for 118 West 13th Street have yet to be publicly registered.
A spokesperson for The New School said “the time has come” to sell the old residence and that it is part of the institution’s strategic plan.