[NYguy]

http://therealdeal.com/blog/2013/05/...-johns-campus/

Witkoff, Lorber and Fisher pay $200M for St. John’s campus
Developers will replace the Tribeca building with condos





May 24, 2013

St. John’s University today announced an agreement to sell its satellite Tribeca building at 101 Murray Street to a joint venture of Fisher Brothers, Howard Lorber and Witkoff Group, which plan to raze the building to construct condominiums, Crain’s reported.

Fisher, Lorber and Witkoff paid more than $200 million for the 10-story, 145,525-square-foot property, a source familiar with the deal told The Real Deal.

The school plans to use the proceeds from the sale to bulk up its endowment, academic offerings and facilities.

“We are very excited to be joining with the Fisher Brothers as a partner and co-developer of this exceptional property, and we laud St. John’s for its vision,” developer Steve Witkoff said in a St. John’s release sent to The Real Deal. “Lower Manhattan is experiencing dynamic commercial and residential growth, and this site sits atop the front edge of that wave.”

St. John’s will occupy the space until mid-2014 under the terms of the deal, and plans to announce another Manhattan space before the 2014-2015 academic year.

http://www.crainsnewyork.com/article...TATE/130529915

Condo to replace St. John's University building
Real estate investors Steven Witkoff, Howard Lorber and the Fisher family will buy the lower Manhattan academic facility at 101 Murray St.
for close to $200 million, demolish it and erect a new luxury condo in its place.


By Daniel Geiger
May 24, 2013

A partnership between real estate investors Steven Witkoff, Howard Lorber and the Fisher family is buying 101 Murray St., an academic building in lower Manhattan owned by St. John's University.

The group will pay nearly $200 million for the property, which they plan to knock down and build a new residential condominium tower in its place. The site can accommodate up to about 310,000 square feet of development and as much as 370,000 square feet if the buyers secure extra development rights from the city by agreeing to create a public plaza space at the site.

"We saw the success of 56 Leonard St. and that made us feel very good," Mr. Witkoff said, referring to another condo tower rising nearby being built by developer Hines. "I just believe that downtown is now commonly accepted as a wonderful neighborhood to live in."

The price, which equates to about $600 for every square foot that can be built on the site, surpassed even lofty expectations for the property. It also highlights how the city's soaring condo market has prompted developers to pay big for parcels on which to build.

"We saw the traction we got at 150 Charles St.," said Mr. Witkoff, speaking about a West Village residential development he is currently constructing. "It's not just foreign buyers, it's New Yorkers who are buying and they want to be in areas like the Village and TriBeCa."