The Real Deal New York

NYU buys Noho building for $157M

151K sf property to hold gyms, classrooms
October 28, 2014 06:10PM

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.

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