Shuttered local college to sell FiDi dorm for $15.2M

A shuttered Manhattan Christian liberal arts college, The King’s College, is in contract to sell its sole asset, a dormitory building at 102-104 Greenwich Street in the Financial District, for $15.2 million, according to state court records. The school bought the property in 2018 for $19.2 million.

The buyers Ravinder Chopra and Yuvraj Chopra are acquiring the property through the entity 102 Greenwich LLC, according to the contract. The contract was disclosed March 4, 2024, in a filing the school made that is a required step for the sale of a significant portion of a nonprofit or religious group’s assets.

Case LINK

The college lost a national accreditation and according to its website the school is not accepting applications. The school’s newspaper reported last year that it would cease to hold classes as of the fall of 2023.

This is the second Christian school of higher education to close recently. Alliance University closed last year and its lender in January filed a $55 million pre-foreclosure suit against its commercial condominium unit in Financial District.

The surrounding

Within a 400-foot radius of 104 Greenwich Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit issued on September 22, 2022 for the $3.1 million renovation of 23,030-square-foot hotel/dormitory/shelter (R-1) building with 63 residential units at 105 Washington Street. Of those seven items, two were sales above $5 million totaling $611 million. The most recent of the two was Fortress Investment Group which bought the 455,815-square-foot, 441-unit rental (D8) on 22 Thames Street for $598.2 million from Bizzi & Partners Development on February 13, 2023. Of those seven items, four were loans above $5 million totaling $410.6 million. The most recent of the four was Grubb Properties in which borrowed $45.1 million from Naftali Credit Partners secured by the 0-square-foot development site (V1) on 111 Washington Street on August 10, 2023.

Correction: An earlier version of this post misspelled Yuvraj Chopra’s first name, Yuvrav Chopra.

Direct link to the property’s ACRIS page and link to DOB NOW portal.