Pace University Buys its Dorm Property for $42M


180 Broadway. (Credit: Flickr)
180 Broadway. (Credit: Flickr)

Pace University has bought Lower Manhattan property it leased for a dormitory for just under $42.1 million, according to property records.

Building owner SL Green (SLG) Realty and retail investor Jeff Sutton developed the dorm for Pace at 180 Broadway. 

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After about two years of construction, roughly 600 Pace students moved into the 24-story mixed-use student housing project last Labor Day weekend, DNAinfo reported. 

The sale closed on Feb. 27 and was recorded with the city today.

A spokesman for SL Green said the company declined to comment. Pace wasn’t available for comment by publication time. Jacob Bart of Stroock & Stroock & Lavan, who represented Pace in the deal, declined to comment.

Come April 1, Pace is expanding its William Street education and office campus, bringing its footprint to more than 170,000 square feet over 19 floors, as Commercial Observer previously reported.