Collegiate School selling UWS campus for $97M
Extell had previously shown interest in the site
The oldest independent school in the country is selling its Upper West Side campus for $97 million to the Reformed Protestant Dutch Church, which will look to develop the site, the New York Daily News reported.
Collegiate School – which counts American blue blood such as John F. Kennedy Jr. among its alumni – will use the proceeds from the sale to build a $118 million campus at West 62nd Street and West End Avenue, according to court records seen by the Daily News. The $97 million price tag was determined last year, when Gary Barnett’s Extell Development made an offer for the site at that price.
The sale needs Manhattan State Supreme Court approval as it involves two nonprofit entities. The church is looking to buy both school buildings as well as the school’s interest in the long-term land lease from the church.
Collegiate has said it needs the bigger campus to help accommodate its 600-plus students. The church space it currently rents for its high school will no longer be available after 2022. [NYDN] –Hiten Samtani