Posted Sep 14, 2012, 5:48 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,754
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http://online.wsj.com/article/SB1000...LEFTTopStories
Related Sets School Deal
By LAURA KUSISTO
September 12, 2012
Quote:
After plans fell through to build a cancer-treatment center as part of a development on East 92nd Street, Related Cos. instead has landed a school for children with learning disabilities to anchor the site. Related has struck a deal with the Windward School, based in White Plains, N.Y., for a new $32 million school, which will anchor the first five floors of a planned 35-story residential tower between Second and Third avenues.
The school, which has spent years contemplating an expansion into the city, was initially focused on lower Manhattan, but it could find no sites that were both suitable and affordable. "We looked and looked and looked and looked," said John Russell, head of the school. "It became clear to us that the Upper East Side was a very viable alternative."
School officials were attracted to the Upper East Side site, in particular, because of Related's record as a residential developer, helping to assure them that the project would be built on time. "The key thing for Windward was that whoever was building for them had to be a good partner," said Mark Weiss, a broker at Newmark Grubb Knight Frank, who arranged the deal.
The new 60,000-square-foot facility is expected to open in 2015 and could accommodate as many as 350 students. "We are thrilled to partner with the Windward School to create a state-of-the-art educational facility on the Upper East Side and expand their critical work at a location convenient to New York families," Jeff Blau, chief executive of Related, said in a statement.
Related plans to begin construction in early 2013 on the property, which has a long and sometimes controversial history.
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