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CushWake Advises Church on Student Housing SLB
Cushman & Wakefield advised The Riverside Church on its recent acquisition, leaseback and financing of McGiffert Hall at 97-101 Claremont Ave. in Northern Manhattan’s Morningside Heights neighborhood. The seller was Union Theological Seminary, which uses McGiffert Hall for student and faculty housing.
Part of a superblock, the land on which McGiffert sits was deeded to Union in 1931 by John D. Rockefeller Jr. and his wife Abby. The deed gives Riverside the opportunity to control its entire superblock when Union—now building additional on-campus space—no longer needs McGiffert.
Frank Liantonio led Cushman & Wakefield’s overall activities in advising Riverside, assisted by Marc Nakleh. Mark Ehlinger arranged the loan used to fund the acquisition.
“This acquisition is a win for both institutions,” said Liantonio. “Riverside has control of the superblock as envisioned by the Rockefellers, and Union monetizes a surplus asset, while maintaining occupancy until their new facility is completed.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
