The Real Deal New York

Glenwood Management buys another Fordham site for $75M 

October 03, 2011 06:19PM
By Katherine Clarke

Glenwood Management has purchased another plot of land from Fordham University, according to a recent property transaction filed with the city today.

The company bought a vacant development site at 165 West 60th Street, between Ninth and Amsterdam avenues, for $75 million, the filing shows, adding to its portfolio of former Fordham sites. Glenwood is said to be planning a massive 54-story residential tower at an adjacent lot at 160 West 60th Street.


Gary Jacob
, executive vice president at Glenwood, declined to comment on the acquisition, which closed Sept. 23. A representative for Fordham was not immediately available for comment.

This is not Glenwood’s only acquisition of a Fordham property this year. As The Real Deal previously reported, the company closed on the purchase of an Upper West Side vacant development site from Fordham for $125 million in January, in a deal which included the acquisition of more than 300,000 square feet of development rights.

As part of that 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.

The more recent transaction also includes an easement for two Fordham properties at 155 West 60th Street and 160 West 60th Street, which generally allows companies to use the real property of another without owning it.

Douglaston Development was at one time slated to bring a tower to a neighboring site at 162 West 60th Street, after entering into an agreement with Fordham. The plans were then scrapped amid the turbulent economy in 2009.

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