School’s out for St. Francis College in Brooklyn Heights.
Izak Senbahar’s Alexico Group has inked a deal to redevelop St. Francis’ longtime campus on Remsen and Joralemon streets as the college relocates to a nearby site in Downtown Brooklyn, sources told The Real Deal.
Alexico, which developed the “Jenga Tower” at 56 Leonard Street in Tribeca, is in contract to buy the five-building campus for close to $200 million, sources said.
Representatives for Alexico and St. Francis did not immediately respond to requests for comment.
St. Francis, whose famous alumni include former Long Island Congressman Peter King and comedian Pete Davidson, left its Brooklyn Heights home of roughly 60 years last fall and moved to Tishman Speyer’s redevelopment of the former Macy’s building, dubbed “The Wheeler,” on Livingston Street in Downtown Brooklyn.
The college’s website says that in four years its student body grew from 2,300 to 2,700, and enrollment is expected to hit 3,500 by 2026.
“Fortunately, our community keeps growing,” the website reads. “Our new home will be even more accessible via public transit for our commuter students and will unlock access to opportunities in New York City beyond our campus.”
The college is leaving behind a handful of buildings on Remsen and Joralemon streets between Clinton and Court streets, near the border between Brooklyn Heights and Downtown Brooklyn.
The campus has about 500,000 square feet of as-of-right buildable space, according to marketing materials from Cushman & Wakefield, where a team led by Dan O’Brien and Adam Spies marketed the site.
That means Alexico’s purchase works out to about $400 per square foot, once considered a lofty figure even by Midtown Manhattan standards. The St. Francis site is eligible for an inclusionary housing bonus of about 100,000 square feet, which could bring down the per-square-foot price.
The properties — with addresses 158-182 Remsen Street and 170 and 185 Joralemon Street — are near new condo developments such as Hudson Companies’ One Clinton and the Symon at 76 Schermerhorn, developed by Lonicera Partners, Orange Management and The Davis Companies.
Higher-ed institutions often seek to raise money by selling their real estate.
On Staten Island, St. John’s University is seeking a buyer for its 6.5-acre satellite campus in Grymes Hill. Arthur Mirante and David Carlos at Savills are leading the search.
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