Glenwood Management closed on the purchase of a vacant development site on the Upper West Side from Fordham University for $125 million which included the acquisition of more than 300,000 square feet of development rights.
Glenwood went into contract in August and closed Jan. 7, city property records published yesterday show, for the site at 49-55 Amsterdam Avenue, at the corner of 62nd Street, adjacent to the school’s Lincoln Center Campus. The site is approximately 90 feet by 110 feet, property records show.
As part of the sale, Fordham sold 313,429 square feet of development rights to Glenwood, quadrupling what it was able to build as of right on the parcel, to a total of 409,889 square feet, an agreement signed Jan. 7 between Glenwood and Fordham and filed this week with the city shows. Glenwood intends to build a residential rental tower with ground-floor retail and parking, the papers filed with the city show. Glenwood and Fordham did not immediately respond to a request for comment.
The agreement also contains restrictions — common when a religious institution such as Fordham University which is a Jesuit school sells property — on how the residential building can be used, including prohibiting its use as student housing, and forbidding any nude modeling, massage parlors, sex clubs or liquor stores.
A news report from November, citing sources, said the contract price was $100 million.
Last year, the city granted Fordham the right to build six new buildings as part of a $1.6 billion redevelopment of its Lincoln Center Campus on the block between Amsterdam and Columbus avenues and 60th and 62nd streets. The approval includes its law school and the site just purchased by Glenwood.