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

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

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

220 Central Park South (Credit: Getty Images)

Vornado’s 220 Central Park South closes $64M condo sale

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

Vornado chairman Steven Roth (Credit: Getty Images)

Vornado slashes Forever 21’s rent, dimming 2020 outlook

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

arrow_forward_ios