Sales Beat

CUNY to Put $62 M Towards New Digs and Medical Equipment

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The City University of New York will split the proceeds from the $62 million sale of the Grace Building at 535 East 80th Street, to buy some pricey science equipment and the 30-year condo interest it agreed to buy last year at 205 East 42nd Street.

One half of the money will buy the new high-end instruments to be used for research at the CUNY Advanced Science Research Center on the City College campus in Harlem, while the other half buys the seven floors in the former Pfizer building at 3rd Avenue and 42nd Street, said Michael Arena, a spokesperson for the university.

“We are very excited about this new location, especially because it will have very prominent storefront access,” Mr. Arena said. Read More

Sales Beat

Student Housing Developer Picks Up Former CUNY Space for $62 M

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Corigin Real Estate Group has closed on its purchase of a seven-story Art Deco building at 535 East 80th Street, formerly occupied by the City University of New York, for $61.75, city records confirm.

The firm purchased the building from the Dormitory Authority of the State of New York, according to the city records.

Corigin Real Estate Group’s history indicates that a development project could be in the works at the property, as the firm has built, renovated and/or repositioned at least five student housing facilities in New York City, all of which are leased to New York University. Read More