St. John’s University today announced an agreement to sell its satellite Tribeca building at 101 Murray Street to a joint venture of Fisher Brothers, Howard Lorber and Witkoff Group, which plan to raze the building to construct condominiums, Crain’s reported.
Fisher, Lorber and Witkoff paid more than $200 million for the 10-story, 145,525-square-foot property, a source familiar with the deal told The Real Deal.
The school plans to use the proceeds from the sale to bulk up its endowment, academic offerings and facilities.
“We are very excited to be joining with the Fisher Brothers as a partner and co-developer of this exceptional property, and we laud St. John’s for its vision,” developer Steve Witkoff said in a St. John’s release sent to The Real Deal. “Lower Manhattan is experiencing dynamic commercial and residential growth, and this site sits atop the front edge of that wave.”
St. John’s will occupy the space until mid-2014 under the terms of the deal, and plans to announce another Manhattan space before the 2014-2015 academic year.
The 101 Murray Street location houses the School of Risk Management, the Library and Information Science program and several non-degree programs. [Crain’s] –Zachary Kussin