The Real Deal New York

The best-capitalized renter at Vornado, Stellar’s 80 North Moore St. just signed a lease extension

P.S. 150 can stay at Independence Plaza through summer 2022
December 07, 2018 09:00AM

P.S. 150

Students at P.S. 150 in Tribeca will not have to change buildings anytime soon.

The school has spent decades on the bottom floors of Independence Plaza, but parents found out in October that the city’s lease for the space had expired, and the school would need to move into another school for the next academic year, according to the Wall Street Journal.

Parent leaders had protested the move, and city officials were ultimately able to persuade ownership to let the school stay in the 80 North Moore Street building until a new long-term site is ready nearby on Trinity Place. The new spot should be open for the 2022-23 school year.

Vornado Realty Trust and Stellar Management own the property and previously said they would need the school’s space for more amenities and residential units. However, they changed course following appeals from Mayor Bill de Blasio and local council member Margaret Chin.

The lease for P.S. 150 that expired in August had cost $791,509 for the 2016-17 school year, which worked out to $4,255 per student. The school offers one class per grade from prekindergarten through fifth grade.

In June, the owners landed a $675 million loan to refinance the property. Stellar’s Larry Gluck bought the 1327-unit property in 2003, borrowing $575 million to turn the property into luxury rentals. When the debt became too heavy, Vornado bought a 51 percent stake in the complex in 2011. [WSJ] – Eddie Small