Friends Seminary pays $10.5M to New York Quarterly Meeting in Gramercy

Friends Seminary acquired an interest from New York Quarterly Meeting valued at $10.5 million for 1 parcel, including the tax class theological seminaries (W7) at 221 East 15 Street in Gramercy. The deal closed on August 16, 2019 and was recorded on August 26, 2019. It was not clear from the filed documents what the interest was, however Friends obtained air rights from New York Quarterly Meeting to expand its campus.
The property contains a total of 88,378 square feet of built space. The property has 50,012 square feet of available development rights.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 11, 2012.
Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $36,136,595. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $3,228,250.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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