Hawkins Way Capital has acquired yet another Manhattan student housing property.

The New School sold 135 E. 12th St., a property known as Loeb Hall that served as the liberal arts school's first dormitory building, for $51.5M, according to property records.

Los Angeles-based Hawkins Way teamed up with Värde Partners on the acquisition, the third Manhattan property it has added this year to its Found Study student housing portfolio, which targets submarkets that have concentrations of higher education institutions, the investor said in a release.

The New School broke ground on the 15-story dorm building in 1988, spending $13M to develop the property, according to a story by The New York Times at the time. The building was one of four dorms owned by the school as of this spring, according to the school’s student newspaper.

The deal closed last week and hit public records on Tuesday.

“We've long been looking for the right opportunity in this neighborhood, and this property represents an ideal addition to our portfolio," Hawkins Way Capital Managing Partner Ross Walker said in a statement.

The firm has been on a shopping spree for NYC student housing in recent years. It already did a deal with The New School in 2024, buying a 122-unit student housing building at 300 W. 20th St. for $30M.

It followed up with another purchase in July 2025, spending $155M on a 50-story shuttered hotel at 99 Washington St. with plans to turn the building into dorms under the Found Study umbrella.

In June, it bought another former hotel, 117 W. 70th St., from The American Musical and Dramatic Academy for $80M. A week later, it bought 81 E. Third St. — roughly two-thirds of which is used as New York Conservatory for Dramatic Arts dorms — for $28M. 

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LBA Realty has sold a one-story, 28K SF industrial building in Red Hook for four times as much as it paid for the building almost a year and a half ago, Commercial Observer reported. Terreno Realty Corp. paid $26.3M to acquire the 659 Court St. property after LBA paid $7M for it last March, Crain’s New York Business reported. 

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NewYork-Presbyterian Hospital sold 69 Gold St. to Kings Capital and partner Frank Pecora for $30.1M, PincusCo reported. The new owners are planning to add more units to the 17-story, 72K SF apartment building, which currently has 90 residential units and two commercial spaces but could have 108 units if the city approves the proposed alteration plans. 

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TOP FINANCING

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United Construction & Development Group upped its debt for a possible Long Island City development on land zoned as industrial at 41-02 22nd St., PincusCo reported. The new $52.5M sum from Bank Hapoalim comes in addition to a $12.5M loan issued by Maspeth Federal Savings, bringing the total debt to $65M for the property.

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