The Real Deal New York

City pays $32M for UES school building

March 03, 2010 06:50PM
By Adam Pincus

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213 East 63rd Street

The city’s School Construction Authority bought the Upper East Side school building at 213 East 63rd Street near Third Avenue from an affiliate of developer World-Wide Group for $32.2 million, or about $767 per square foot. 

 

While the sale was expected, the price had not been revealed. The city closed on the purchase from the World-Wide Group’s affiliate 213 East 63rd Street LLC Feb. 19, the same day as the contract, according to property records filed today. 
World-Wide, which is also the developer of luxury residential developments such as 255 East 74th Street, bought the property in 2007 for $30.7 million from the Manhattan Eye Ear and Throat Hospital, city records show. 
World-Wide bought the approximately 42,000-square-foot building in 2007 with the plan to develop the school, a spokesperson for the company said. Company president James Stanton was not available for comment. 
The building is currently home to P.S. 59, known as Beekman Hill International, but a new school named P.S. 267 will eventually move into the building, the city said in a statement released in February. P.S. 59 will relocate to a new building in 2012, the city agency said. 
A spokesperson for the School Construction Authority was not immediately available for comment.

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