Silverstein Sells Portion Of One West End Development For Conversion Into Dorms
Silverstein Properties and Elad Group have sold off a portion of their joint development, One West End, to become student housing.
Touro College, the largest Jewish-affililated private university in America, has purchased a 67K SF condo within the cement, low-rise portion of the 42-story, $500M tower, the New York Post reports. Touro will use the space as a dormitory for its nearby Lander College for Women.
Cushman & Wakefield broker Mark Weiss, who represented the joint venture in the sale, told the Post that the space had initially been planned for offices. Richard Bernstein, also of Cushman & Wakefield, represented Touro in the sale that was reportedly for just shy of $70M.
One West End sits at the southeast corner of a multi-building development between West End Avenue and the West Side Highway called Riverside Center. One West End, which is nearly completed, sits at the corner of West End and 59th Street in the Lincoln Square neighborhood, and the dorm will have its own separate entrance on the south side of the building.
The rest of the low-rise portion is made up of 116 rental apartments designated as affordable, as well as a 30K SF retail space leased by grocery chain Morton Williams and two smaller retail blocks still available. The glassy, high-rise portion perched atop the concrete base is made up of 246 market-rate condo apartments, 75% of which have already been sold, according to Silverstein.
Although Silverstein Properties is better known for office projects, most of all the World Trade Center, One West End is its second condo project in Manhattan, the first being 30 Park Place, or the less-catchy official name Four Seasons Private Residences New York Downtown. Elad Group also has a hand in the redevelopment of the iconic Plaza Hotel, with its troubled ownership status.