The Real Deal New York

Above grade: Collegiate School closes on site of new UWS building

Historic all-boys institution acquires vacant lot from Extell, Carlyle for $25M

September 03, 2015 11:20AM
By Rey Mashayekhi

Vacant lot near West Side Highway and West 62nd

Vacant lot near West Side Highway and West 62nd Street (credit: Google) (inset: Gary Barnett)

UPDATED, 1:55 p.m., Sept. 3: Having finalized the sale of its longtime Upper West Side campus, the Collegiate School closed on the purchase of a vacant parcel along the West Side Highway from Extell Development and the Carlyle Group for $25 million, according to property records filed with the city Thursday.

The country’s oldest independent school closed on the vacant lot, located on the corner of West 62nd Street and Freedom Place South in Lincoln Square, on Aug. 20 – a day before it sealed the sale of its historic campus to the Collegiate Churches of New York for $125 million.

The Collegiate School plans to build a new campus building on the property, sources involved in the transaction confirmed, with Department of Buildings filings indicating a 10-story, 180,000-square-foot building on the site. Property records show the school also acquired development rights and an easement for the parcel, which has more than 296,000 buildable square feet.

A spokesperson for Extell and the Carlyle Group confirmed the deal. A representative for the Collegiate School also confirmed the transaction’s closing.

The all-boys prep school’s former campus, located on West 78th Street near West End Avenue, will be converted into a 198,000-square-foot residential development, according to plans filed by the Collegiate Churches of New York last month.

The Collegiate Churches funded its acquisition of the campus with a $102.5 million loan from Tremont Realty Capital, the financial firm announced Wednesday.

The school, which is separate and autonomous fro m the Collegiate Churches, counts the likes of John F. Kennedy Jr., David Duchovny and Savanna’s Chris Schlank among its alumni.