BCN to buy Union Theological Seminary’s dorm for $50M-plus

Developer plans to renovate building

New York /
May.May 08, 2018 08:16 AM

97 Claremont Avenue in Morningside Heights

Craig Nassi of BCN Development plans to buy and renovate Union Theological Seminary’s dormitory.

Nassi is paying more than $50 million for the gothic-style dormitory at 97 Claremont Avenue in Morningside Heights, the New York Post reported. Nassi will renovate the building’s interior, likely for residential use. The dormitory currently features 82 rooms and spans 90,000 square feet.

The seminary plans to lease the dormitory back from Nassi for the next three to five years while a new building is constructed a block away.

The deal is expected to close in July.

The seminary caused a stir in 2015, when it announced plans to team up with L&M Development Partners to co-develop a luxury condominium tower on campus. The plan involved selling 350,000 square feet of air rights to help pay for renovations on campus. At the time, students protested the plans, arguing that building a slender condo tower on campus ran counter to the school’s mission. [NYP]Kathryn Brenzel


Related Articles

arrow_forward_ios
11 Penn Plaza and Apple CEO Tim Cook (VNO; Getty)

Apple snags more space at Vornado’s 11 Penn Plaza

Apple snags more space at Vornado’s 11 Penn Plaza
Amazon's Jeff Bezos, Google's Sundar Pichai and Facebook's Mark Zuckerberg (Getty, iStock)

Tech giants occupy nearly 600M-sf of US real estate

Tech giants occupy nearly 600M-sf of US real estate
Hana Financial Investment’s Lee Jin-Kook and a rendering of 1 St. Marks Place (Hana Financial Investments)

Hana Financial to sell loans tied to Manhattan office, hotel properties

Hana Financial to sell loans tied to Manhattan office, hotel properties
Cineworld Group CEO Mooky Greidinger and Regal Cinema (Photo via Getty; Wikipedia)

Regal Cinemas scores financial rescue package

Regal Cinemas scores financial rescue package
(iStock)

What doom-and-gloom forecasts miss about the office market

What doom-and-gloom forecasts miss about the office market
From left: Edison Properties CEO Robert Selsam, Ironstate Development's Michael Barry, Stellar Management founder Larry Gluck (LinkedIn; Gluck Family Foundation)

These developers could benefit the most from Soho’s rezoning

These developers could benefit the most from Soho’s rezoning
Extell Development's Gary Barnett and 32 West 48th Street (Google Maps)

Extell makes its Diamond District hotel official

Extell makes its Diamond District hotel official
The Grand Hyatt Hotel at 109 East 42nd Street and and  RXR’s Scott Rechler (Wikipedia Commons; Getty)

Grand Hyatt redevelopment could be 1,600-foot supertall

Grand Hyatt redevelopment could be 1,600-foot supertall
arrow_forward_ios

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

Loading...