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

TRD New York /
Dec.December 07, 2018 09:00 AM

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


Related Articles

arrow_forward_ios
Census tract 135 and Stellar Management's Larry Gluck (Credit: Getty Images and Stellar Management)

How a small stretch of land on the Far West Side became an Opportunity Zone

How a small stretch of land on the Far West Side became an Opportunity Zone
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
237 Park Avenue and Scott Rechler (Photos via Getty; RXR)

What tenants are paying at RXR and Walton Street Capital’s 237 Park Avenue

What tenants are paying at RXR and Walton Street Capital’s 237 Park Avenue
The National Multifamily Housing Council’s monthly payment tracker found that 90.6 percent of those households paid some rent by Oct. 20. (iStock)

Rent collections in market-rate apartments stagnate in October

Rent collections in market-rate apartments stagnate in October
Four New York Plaza (Photo via Hines)

Four New York Plaza office tower hits the market

Four New York Plaza office tower hits the market
Gov. Andrew Cuomo (Getty; iStock)

New York City lifts lockdown for some Covid hot spots

New York City lifts lockdown for some Covid hot spots
518 Broadway (Google Maps)

Four years vacant: Landlord offers dire outlook for Soho building

Four years vacant: Landlord offers dire outlook for Soho building
arrow_forward_ios

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

Loading...