[NYguy]

http://observer.com/2013/03/st-johns...-street-space/

St. John’s Seeks to Cash Out of Murray Street Space





By Stephen Jacob Smith 3/14/13

This afternoon St. John’s announced that it is looking to sell its building at 101 Murray Street. The university bought the property in 2001, after St. John’s merged with the College of Insurance, now called the School of Risk Management, which remains a tenant in the building.

“The University has been continually assessing the value of this asset in terms of space usage and market value,” according to the press release. “With Manhattan’s real estate market now at an all-time historic high, we have determined that it is in the best interest of the University of seek a buyer for the property at this time.”

As with BMCC’s campus, the real prize is not the building, but the development rights available at the site. “The location also has significant development opportunities,” according to the release, “in that the site is currently built to only about one-third of its potential capacity.”

According to city records, the current building, erected in 1984, contains 145,000 square feet of space. By our calculations, the current C6-4 zoning means the site could accommodate a building of nearly half a million square feet with the public plaza density bonus, with both commercial and residential possible.

http://newyork.citybizlist.com/artic...ite-101-murray

Cushman & Wakefield NY Capital Markets Group Tapped To Market Prime Development Site
At 101 Murray Street
C&W appointed by St. John’s University to market development site in Tribeca; Offers an investor the opportunity to construct a building in excess of 400,000 square feet


March 15, 2013

Cushman & Wakefield announced that it has been tapped by St. John’s University to market the development site at 101 Murray Street, located in the heart of Tribeca between Greenwich and West Streets and steps from the World Trade Center.

A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Michael Rotchford and Steve Kohn, are marketing the site on behalf of St. John’s University.

“101 Murray offers an extremely rare large-scale development opportunity located in an ultra-luxury Tribeca location, steps from the headquarters of Goldman Sachs and Condé Nast,” said Helen Hwang, executive vice president, New York Capital Markets Group. “The opportunity to deliver a world-class property in this location is a developer’s dream.”