One other large piece of the puzzle simply fell into place for One West Finish, the half-billion-dollar, 42-story joint-venture tower from Silverstein Properties and Elad Group.
Touro School has purchased a 67,000-square-foot condominium unit within the mixed-use challenge’s low-rise portion as a brand new dormitory for Touro’s Lander School for Girls, which has its educational headquarters just a few blocks away.
Sources estimated the worth at slightly below $70 million. The developer declined to touch upon the worth of the transaction, which closed final week however wasn’t but posted on town Division of Finance web site.
The Touro buy was negotiated for the builders by Cushman & Wakefield’s prolific dealmaker Mark S. Weiss, who termed it “an revolutionary re-invention of the house,” which had been meant for places of work. Cushman’s Richard Bernstein repped Touro.
The brand new facility will assist handle what Weiss known as “an unlimited scarcity of dormitory house within the metropolis.”
Touro School calls itself America’s largest personal establishment of upper training beneath Jewish auspices. The Lander girls’s faculty is one in all Touro’s divisions in 4 international locations, which collectively boast 18,000 college students.
The acquisition at One West Finish got here simply weeks after Morton Williams supermarkets leased practically 30,000 sq. ft for a retailer on the challenge’s floor flooring and concourse on the West Finish Avenue facet, as first reported by The Submit’s Lois Weiss.
The practically completed tower, designed by Pelli Clarke Pelli Architects, has the official handle of 625 W. 59th St. It stands on the southeast nook of a deliberate five-building complicated known as Riverside Middle, bounded by West 59th and West 61st streets and by West Finish Avenue and the West Aspect Freeway. A lot of the challenge consists of 246 luxurious rental residences, of which greater than 75 p.c have been offered, and a few are already occupied, in line with Silverstein’s growth supervisor, David Marks.
A lower-rise element wraps across the tower. It consists of the Touro house on the south facet and 116 reasonably priced rental models on the north facet. Two small retail areas stay out there, Marks mentioned.
The Lander dormitory deal seems to be a win-win for the college and the builders.
Touro’s senior vp of operations, Jeffrey Rosengarten, mentioned that Lander can now home the entire girls’s faculty’s college students — who have been beforehand at places on West 65th and West 85th streets — beneath a single roof in what Marks known as “a constructing inside a constructing with its personal foyer and entrance on West 59th Road.”
Rosengarten mentioned that the brand new dorm could be prepared for move-in both this fall or in time for the winter 2019 semester, relying on development progress.