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Three-Party Joint Venture Building 30-Story Dorm in Manhattan

New York — This is SL Green’s second housing project with Pace University.

New York — SL Green Realty Corp., a REIT that focuses on acquisition and management of Manhattan commercial properties, has formed a joint venture with Harel Insurance and Finance and the Naftali Group to develop a dormitory tower for Pace University in downtown Manhattan.

 

The partnership acquired the fee interest in the planned development site, which faces Beekman and William streets in the middle of the Pace downtown campus area, and will develop an approximately 30-story building there. Upon completion of the development, the partnership will convey a long-term ground lease condominium interest in the building to Pace University for student housing together with ground floor school-related space.

 

In early 2011, SL Green in collaboration with Harel began construction of a 609-bed dormitory and retail condominium at nearby 180 Broadway, with delivery scheduled for January, 2013.

 

David Falk and Kyle Ciminelli from Newmark Grubb Knight Frank acted on behalf of Pace for the transaction. Gary Goodman led the law firm SNR Denton in representing the lender Landesbank Hessen-Thuringen Girozentrale (Helaba).

 

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