Educational Housing Services Inc. paid $101M to Tessler Developments

Educational Housing Services Inc. through the entity 55 John Street Dii LLC paid Tessler Developments’s 55 John Owner LLC $101.0 million for 1 parcel, including the tax class dormitory (H8) at 55 John Street in Financial District. The deal closed on August 30, 2019 and was recorded on September 12, 2019. The parcel(s) have total development potential of 109,072 square feet.
The average sale price per square foot is $926.
The estimated cap rate is 2.5%
The last time the property sold was November 28, 2006, for $38,000,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $485,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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