College moves to sell building with Central Park views for $80M+

New York Institute of Technology’s property at 1855 Broadway could be converted to a pricey condo

New York /
Jul.July 08, 2019 05:01 PM

New York Institute of Technology at 1855 Broadway and NYIT president Hank Foley (Credit: NYIT)

The New York Institute of Technology is looking to cash in on Manhattan real estate prices by selling an academic building located a block west of Central Park.

The college has owned 1855 Broadway — a 12-story building near Columbus Circle — since 1975, records show. Located at the corner of Broadway and West 61st Street, the 78,000-square-foot property currently serves as a satellite campus for the Long Island-based school. Sources said the NYIT is seeking between $80 million and $100 million for the building, which is zoned for office and residential.

“The bones are an office,” said a source familiar with the property, which the school will seek to lease back for a one- or two-year period. “Or you can tear it down and build condos with some park views.”

The building is being marketed by a Newmark Grubb Knight Frank team that includes Jimmy Kuhn, Alex Foshay and Bill Lee. Neither the brokerage team nor school immediately returned calls seeking comment.

But sources said the school, based in Old Westbury, recently decided to focus investment on the Long Island campus by selling the prime Upper West Side asset.

The building is on the same block as several new residential towers. At 15 West 61st, AvalonBay recently launched sales for the Park Loggia, a 172-unit condo tower with a projected sellout of $550 million. (The developer paid $300 million in 2015 for the property, the former home of the American Bible Society.)

Across the street, Eyal Ofer’s Global Holdings — which backed Zeckendorf Development’s 15 Central Park West and 520 Park Avenue — filed plans for a mixed-used tower at 1841 Broadway. The project will rise 24 stories with 173 units, according to plans filed with the city.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Hong Kong Stock Exchange (Getty)
Investors sell off Chinese real estate stocks
Investors sell off Chinese real estate stocks
Robert Durst (Getty)
Robert Durst convicted of murder
Robert Durst convicted of murder
Pennsylvania town offers big incentive for people to fix homes
Pennsylvania town offers big incentive for people to fix homes
Pennsylvania town offers big incentive for people to fix homes
Credit Suisse Group partners with MARK on $1B-plus rental housing fund
Credit Suisse Group partners with MARK on $1B-plus rental housing fund
Credit Suisse Group partners with MARK on $1B-plus rental housing fund
London fire officials say over 1K buildings unsafe in a fire
London fire officials say over 1K buildings unsafe in a fire
London fire officials say over 1K buildings unsafe in a fire
arrow_forward_ios

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

Loading...