Clipper leases back 40 units to Touro College at UWS rental

REIT paid $79M for school building last year

TRD NEW YORK /
Jun.June 01, 2018 04:15 PM

David Bistricer and 10 West 65th Street

Clipper Realty is leasing back 40 dormitory units to Touro College at the Upper West Side rental building it bought from the school last year for $79 million.

The real estate investment trust said it will lease the units to Touro for up to one-and-a-half years, and will then reposition the apartments into free-market units, according to a June investor presentation. Clipper is currently renovating 14 free-market units at 10 East 65th Street, which has 82 units.

The David Bistricer-led company picked up the six-story building last year.  The $79 million price worked out to $585 per foot for the 82,230-square-foot rental building, plus an additional 53,000 square feet of air rights.

Neither Bistricer nor Touro could be immediately reached for comment.

Last month, Touro leased 146,028 square feet for a new campus at 320 West 31st Street, according to Colliers International.

The building is owned by Charand Real Estate Associates and Onyx Equities picked up the leasehold last year. In February, Charand sued Onyx for holding up Touro’s lease, whereby the school would have paid about $380,000 monthly for five years.


Related Articles

arrow_forward_ios
Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth

From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

Mayor Bill de Blasio halted ULURP, stalling projects like 960 Franklin Avenue, Rikers Island and Industry City 

These projects could be held up by New York’s rezoning freeze

Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

LA mayor orders a moratorium on commercial evictions

Mayor Bill de Blasio and Westchester Square Hospital in the Bronx (Credit: Lev Radin/Pacific Press/LightRocket via Getty Images; Google Maps)

New York City seeking sites for coronavirus triage centers

arrow_forward_ios
Loading...