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

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

Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

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

Facebook CEO Mark Zuckerberg and Apple CEO Tim Cook with a rendering of the Farley development (Credit: Getty Images, SOM iStock)

Facebook facing off with Apple over space in Vornado’s Farley Building conversion

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

A win for big building owners in trash-collection fight

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

Caspi Development’s Joshua Caspi, Core Asset Management’s James R. Parks, Hana Financial Investment’s Lee Jin-Kook, and 456 Greenwich

Goodbye bankruptcy, hello construction loan: Breakthrough for Tribeca hotel project

220 Central Park South and Michael Cantanucci (Credit: Getty Images and Google Maps)

Car dealer drops $38M for condo at 220 CPS