**CUNY Expands Student Housing with Additional Floors at Former Midtown Hotel**
The City University of New York (CUNY) has purchased additional floors at a former hotel in Midtown Manhattan, further advancing its efforts to expand student housing in the city.
According to reports released this week, CUNY acquired six more floors at 569 Lexington Avenue for $125 million. This acquisition follows a previous investment of approximately $86 million for dorm space in the same building, bringing the total student housing units planned at the site to 578.
With this latest purchase, CUNY now controls floors one through eight, as well as floors 17 and 18 of the 380,000-square-foot property — totaling approximately 170,000 square feet.
The building’s owner, 569 Lexington Leasehold LLC, is an affiliate of California-based Hawkins Way Capital. Hawkins Way partnered with Värde Partners to acquire the property in 2022 from RLJ Lodging Trust. The structure formerly operated as a DoubleTree hotel.
This strategic acquisition underscores CUNY’s ongoing commitment to addressing student housing needs in New York City.
*Photo courtesy of Oxford Hotels & Resorts.*
