NYU buys Noho building for $157M

151K sf property to hold gyms, classrooms

402-408 Lafayette Street in Noho and Coles Sports Center interior
402-408 Lafayette Street in Noho and Coles Sports Center interior

New York University bought a 151,000-square-foot building in Noho for $157 million, with plans to convert it into a temporary space for athletic facilities.

The property at 402-408 Lafayette Street, also known as 708 Broadway, is slated to be a short-term stand-in for the Coles Sports and Recreation Center, which is being razed, Capital New York reported. A new building with athletic facilities will then rise on the former Coles site. The property’s seller is hotelier Ed Scheetz, who owns the Chelsea Hotel.

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In the interim, classrooms will occupy the upper floors, while gyms will take the lower floors. A Crunch Gym outpost leased space at the building before the tenant relocated to 2 Cooper Square later this year. [Capital New York]Mark Maurer