The Real Deal New York

Nyack College pays $49M to buy out lease for FiDi campus

Space is apparently subdivided from a unit Moinian, Jeff Gural bought in 2004

March 28, 2016 04:30PM
By Ariel Stulberg

Nyack College's New York campus at 2 Washington Street in the Financial District (inset: Joe Moinian)

Nyack College’s New York campus at 2 Washington Street in the Financial District (inset: Joe Moinian)

Nyack College now owns its space at the three-building Financial District residential-and-office complex 17 Battery Place.

The Christian liberal arts college paid $49.2 million for its commercial condominium, unit 3B, in the North building of the 1.2 million-square-foot complex, according to public records filed with the city Monday.

Moinian purchased the 427,000-square-foot condo unit 3 for $70 million in 2004 from SL Green Realty, in partnership with Newmark Grubb Knight Frank chairman and Newmark Holdings principal Jeffrey Gural. The developers filed a new condo plan with the attorney general’s office last year that increased the total number of commercial condo units at the property to 4, from 3, suggesting that unit 3B is a subdivision of Moinian’s unit.

In 2013, Nyack signed a 20-year lease for an eight-floor, 166,000-square-feet space at the building at 2 Washington Street. That agreement had a purchase option, which Nyack has now exercised, according to an announcement on its website.

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