Saint David’s School Seeks $35M in Bonds to Help Finance $85M Renovation
Lauren Elkies Schram Aug. 28, 2015, 3:30 p.m.
Private boys’ school Saint David’s School on the Upper East Side is hoping the city will issue $35 million in tax-exempt revenue bonds to put toward the institution’s $85 million renovation and expansion.
The proceeds from the bonds would in part be used to “finance the expansion, renovation and equipping of two existing contiguous buildings that collectively contain contain approximately 110,000 square feet, and are located on an approximately 7,200 square foot parcel of land located at 12-22 East 89th Street,” according to the Sept. 10 public hearing notice.
The funds would be issued via the city’s Build NYC Resource Corporation, a not-for-profit local development corporation staffed by the city’s Economic Development Corporation. Assuming the Build NYC board approves the school’s application, the school must then raise the funds through a private bondholder.
Saint David’s, for boys in kindergarten through eighth grade, is focused on the site of what is Graham House, a former residential hotel, which the school has owned since 1972, and is adjacent to the main campus between Madison and Fifth Avenues. The school, using an address of 12 East 89th Street, has been combining parts of Graham House with the school and now needs to “integrate the entire building into our facilities,” the school’s website says. Meanwhile, the school plans to retain ownership of its gymnasium property on East 94th Street.
New space will include “gymnasiums, large performance spaces, a new locker room, additional classroom and multi-purpose spaces, plus much-needed dining space, and administrative work space,” the school’s website indicates. The school will also add a one-story rooftop addition, according to a DNAinfo article from early last year.
Saint David’s Headmaster David O’Halloran wasn’t available today.