According to a report from the New York Business Journal, New York University has purchased a 13-story dormitory located at 35 Cooper Sq. in NoHo for $69.2 million. The building was previously owned by Sherwood Equities and Bhatia Development Organization, who had been leasing it to Marymount Manhattan College.
Sherwood Equities stated that they acquired the “distressed” property in late 2010 with their partner Bhatia Development Organization. The purchase price of the building from Principal Real Estate Investors was reported as $8.5 million.
This new acquisition adds to NYU’s already extensive portfolio of 20 dorm buildings throughout Manhattan. It comes at a time when NYU is also collaborating with the New York City Economic Development Corp., working on bringing an Innovation East life sciences hub to Kips Bay neighborhood in Manhattan. Earlier this month, NYCEDC released renderings for this project which will replace an outdated building at 455 First Ave., spanning over 444,000 square feet.
