Developer seals deal for East Side schools

June 19, 2008 08:12AM

The city has reached a deal with a developer that will bring schools to a mixed-use development planned for Midtown East. With financing from New York City Educational Construction Fund, the World Wide Group will build a new elementary school and a new high school that would replace the High School for Art and Design. In exchange, the city will lease the developer a 1.5-acre site at East 57th Street and Second Avenue. World Wide plans to build 200,000 square feet of retail space and 488,000 square feet of residential space. The Real Deal reported on the trend of developers building schools in its January issue.


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