New York City — Pace University has entered into an agreement for the development of new student housing near the school's main Manhattan campus. The school is partnering with a joint venture between SL Green Realty Corp., Jeff Sutton and Harel Insurance & Finance. The joint venture will develop a 24-story building at 180 Broadway.
Upon completion in 2013, Pace University will acquire a long-term ground lease condominium interest for 20 floors of the building, which will contain 600 beds. The joint venture will control the lower four floors, which will contain retail space. The new student housing will replace leased dormitory facilities Pace operates in Brooklyn Heights.
Law firm Stroock & Stroock & Lavan represented Pace University in the transaction.