The Brodsky Organization has obtained a $120 million construction loan to begin building a 19-story Upper East Side condominium in January, Crain’s reported.

The developer bought the property from Hunter College, which previously used the land for its school for social work, for $65 million in 2008 and had been waiting to develop it ever since. But as part of the purchase agreement, Brodsky had to replace the social work school at a site in Harlem, on Third Avenue between 118th and 119th streets, before it could begin construction. That school is now open, Crain’s said. [more]

From the October issue:

Click the image for more

Compiled by Russell Steinberg [more]

The architectural design of Hunter College’s new Silberman School of Social Work’s new East Harlem campus helps allows the building to fit into the surrounding area, minimizing any perceived alienation of nearby residents, the Wall Street Journal reported. Scott Newman, of Cooper, Robertson and Partners, said that his goal was to give passersby a sense of what is going on inside the school at its new location on third Avenue, between 118th and 119th streets. “We didn’t want it to be monolithic,” he told the Wall Street Journal. “It’s not just some satellite of Hunter College, plopped down in the middle of Harlem… It’s not some closed space where some mysterious scholastic activity is going on.” [more]

With the fiscally strapped state and city cutting financial
support for the development of new buildings, a number of
New York City and state higher education institutions are
working with business leaders to construct much needed
facility expansion and upgrades.

Over the last decade, schools and hospitals have found their
funding for new facilities through public-private partnerships.
Recently, the City University of New York, for example, is a
leader in the public-private partnership strategy. [more]

From left: Daniel Horowitz and Ira Schuman of Studley

Daniel Horowitz and Ira Schuman of Studley won the Real Estate Board
of New York’s “Ingenious Deal of the Year” first-place award for their
sale of Hunter College’s 127-133 East 79th Street, at a reception last
night at the 101 Club. Second place went to Eric Deutsch and Ken
Meyerson of CB Richard Ellis for their lease to the Gap at 40 Worth
Street, and Cushman & Wakefield’s Michael Rotchford won third place for his sale and
leaseback financing deal at the New York Times Building. Click here for the full list of nominees. [more]

Muss Development has converted its luxury condominium project in East Harlem called 119th and Third to a rental, with discounts for Hunter College students and faculty. In mid-May, after slow sales, Muss converted all 90 units to rentals, starting at $1,875 per month. Since then, 15 units have been rented, while another six are in the process of being leased, according to Richard Mulieri of the Marino Organization, spokesperson for Muss. Deposits were returned to those who had purchased units when the building was still a condo, but Mulieri would not say how many buyers there were. The building, located at 2182 Third Avenue, is just across the street from Hunter College’s planned School of Social Work, on Third Avenue, between 118th and 119th streets. Hunter purchased that site for $23.5 million last year, and expects to complete the 142,000-square-foot facility by June 2011. [more]