Former NYU dorm nearly half leased

TRD New York /
Jul.July 03, 2008 12:51 PM

 
A former New York University dorm-turned-rental building at 15 Cliff Street in the Financial District has leased nearly half of its 156 units, less than a month after they hit the market, developer Michael Lalezarian said.

Rents at the 32-story building range from $2,300 for a studio and to $5,800 for a two-bedroom apartment.

The building has a 24-hour concierge, a fitness center, on-site cafe and a rooftop garden.

The dorm was a popular one for NYU students. The school’s student newspaper, Washington Square News, once hailed Cliff Street as “the apartment that you might not ever afford in the real world,” in a housing review. Students paid less than $12,000 for nine months of housing in the dorm.

Rockrose Development Corp., which owned the building during its time as an NYU dorm, sold the building to Lalezarian Properties in November 2007 for more than $60 million.

NYU lost 350 beds in the deal. Just around the corner, its lease on a Rockrose-owned Water Street dorm will not be renewed after the 2008-2009 academic year. To compensate, NYU purchased Gramercy Green this past spring from developer J.D. Carlisle. The 21-story building at Third Avenue and 23rd Street can house 900 undergraduates.

NYU is also constructing a dormitory on 12th Street between Third and Fourth Avenue that will house about 700 students.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
SL Green CEO Marc Holiday and 420 Lexington Avenue with Scabby the Rat (Getty; Google; SL Green)

Peace prevails: SL Green, Local 79 settle dispute over protests

Peace prevails: SL Green, Local 79 settle dispute over protests
Passing the crown: Jon Paul Pérez to be Related Group prez

Passing the crown: Jon Paul Pérez to be Related Group prez

Passing the crown: Jon Paul Pérez to be Related Group prez
Starwood CEO Barry Sternlicht, InTown Suites CEO Ash Kapur and 1071 NE 28th Avenue in Homestead (Getty, Google Maps)

Starwood scores $265M refi for portfolio of InTown, Uptown hotels

Starwood scores $265M refi for portfolio of InTown, Uptown hotels
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

Extell brings on Corcoran Sunshine to help market Central Park Tower

Extell brings on Corcoran Sunshine to help market Central Park Tower
Rendering of the 124-125 White Street jail (Courtesy of the Mayor's Office of Criminal Justice; iStock)

City moves forward with first design-build contracts

City moves forward with first design-build contracts
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...