The New School pays $65M to GFP Real Estate, Meadow Partners for dorm in Gramercy

The New School paid GFP Real Estate and Meadow Partners’ 301 First Dorm Condo LLC $65.4 million for a dormitory condominium unit 301 First Avenue in Gramercy. The deal closed on February 7, 2020, and was recorded on February 12, 2020. The transaction consists of 1 parcel, including the tax class dormitory condo. The condo is 144,161 square feet.

GFP Real Estate and Meadow Partners bought the building from CIM Group in February 2019 for $81 million, and earlier this year divided the building into a 29,605-square-foot garage condo and a 144,161-square-foot dormitory condo. The sale to the New School went into contract in July, just five months after GFP and Meadow bought the building. No sale has been reported for the garage condo.

Yesterday, PincusCo was the first to report that CIM Group sold the neighboring development site at 305-311 First Avenue to Minrav Development.  Today, PincusCo reports that Minrav purchased another development site from CIM on the block, for $12 million.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. not available