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NYU Acquires NoHo Dormitory for $69M
New York University paid $69.2 million to acquire a 13-story dormitory at 35 Cooper Sq. in NoHo from a partnership between Sherwood Equities and Bhatia Development Organization, reported the New York Business Journal. Sherwood and Bhatia have been leasing the 45,000-square-foot, 56-unit building to nearby Marymount Manhattan College.
The duo bought the “distressed” building site in late 2010, according to Sherwood Equities. The Business Journal reported that Sherwood and Bhatia paid $8.5 million to acquire the building from Principal Real Estate Investors.
NYU already has 20 different dorm buildings in Manhattan. Its new dorm acquisition comes as the college works with the New York City Economic Development Corp. to bring the Innovation East life sciences hub to life in Manhattan’s Kips Bay neighborhood. NYCEDC unveiled renderings of the 444,000-square-foot development, which will replace an obsolete building at 455 First Ave., earlier this month.
- ◦Sale/Acquisition
