New York University paid $69.2 million equivalent to $1,235/unit, to acquire a 13-story dormitory at 35 Cooper Square 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.
Marymount Manhattan College, a private university on the Upper East Side. It’s unclear how much Marymount was paying for the space or how many of the building’s rooms were occupied by students attending the college – but records show that the lease was terminated last month.
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.
NYU Mission Statement. Great cities are engines of creativity, and New York University takes its name and spirit from one of the busiest, most diverse and dynamic cities of all. The University lives within New York and other great cities, from Abu Dhabi to Shanghai, Paris to Prague, Sydney to Buenos Aires—all magnets for talented, ambitious people.
Sherwood Equities is a privately-held real estate firm dedicated to upholding the highest standards of design, construction, and management.
For over 70 years, Sherwood Equities has invested in, owned, developed, and managed over five million square feet in the New York Metropolitan area. Their extensive portfolio has spanned nearly every asset class, from single-family, land, office, industrial, hotel, and retail to multifamily and luxury condominiums. Sherwood’s legacy lies in its foresight; for decades They have anticipated and meticulously invested in emerging areas, contributing to the innovative developments of Times Square, Hudson Yards and other markets.
