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

Developer plans to renovate building

TRD 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

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Real estate titans … and their toys