The Real Deal New York

Pace University marketing Fulton Street dorm building

School hopes to sell 75K sf property for around $60M

March 08, 2016 10:30AM

Stephen Friedman 106-108 Fulton Street

Pace’s Stephen Friedman and 106-108 Fulton Street

Pace University is looking to sell a 15-story Financial District dormitory building its brokers say is prime for a condominium conversion.

The university is shopping 106-108 Fulton Street, a 75,000-square-foot residential property with retail at the base, which Pace converted into dorms in 1999.

It could sell for as much as $60 million.

Newmark Grubb Knight Frank’s Kenneth Zakin, who is representing Pace, is marketing the building as a potential “mid-market luxury housing” conversion, the New York Post reported.

The broker is floating a scheme that would create 27 large units there to sell for around $1,850 to $2,000 per square foot, and a second idea that would create more than 50 units.

Pace sold another dorm, at 182 Broadway, to SL Green Realty, Jeff Sutton and a large Israeli insurance company for $42 million in 2014. [NYP]Ariel Stulberg