Invesco Real Estate purchased a 505-bed School of Visual Arts dormitory for $174 million from a partnership of Winter Properties and Benjamin Shaoul’s Magnum Real Estate Group, according to records filed with the city today.
Winter and Magnum acquired the site at 340 East 24th Street for $32 million in April 2013, and received a $71 million mortgage from Santander Bank to fund the construction of the 146,827-square-foot dorm in July 2014, Commercial Observer reported at the time.
The partnership completed the ground-up development yesterday, and the 14-story building, which has an alternate address of 407 First Avenue, contains two- and three-bedroom units in “a micro-apartment format,” as industry publications reported. The sale closed on Nov. 3, properties records indicate.
“The School of Visual Arts has been an incredible partner throughout this process, and we share a mutual goal of providing their talented students with efficient layouts, high-tech systems and top-of-the-line amenities,” Shaoul said in a prepared statement. “We’re pleased with the final product, which exceeds our development standards and look forward to creating similar projects in the future.”
Ismael Leyva Architects designed the school’s new residence hall, as CO previously reported. Community amenities in the new property include a 4,000-square-foot outdoor terrace on the seventh floor with a barbecue and wet bar, a fitness center, a library, a yoga room, a theater, a multimedia lounge and laundry services. And of course it will have exhibition space.
The School of Visual Arts, which is located at 209 East 23rd Street, needed the new dorm to replace its George Washington Residence at 23 Lexington Avenue, where its lease had expired, according to a blog post by the school last year.
“Being an art school, we need more spaces to showcase work. The exhibition space is going to be dynamic and easy to use,” Javier Vega, executive director of admissions and student affairs, said in the blog post.
An executive at Winter Properties did not immediately return a request for comment, nor did a spokeswoman for Invesco Real Estate. Adam Spies and Adam Doneger of Cushman & Wakefield represented the buyer and sellers in the transaction.