The school has leased the entire site, which rents for approximately $30 per sf, for 20 years with two 10-year renewal options. A $25-million renovation project has already begun and plans call for many of the historic features to be restored, including the bank hall and vaults. Renovations will feature a regulation-sized gym and cafeteria, new HVAC systems, plumbing and elevators. MetSchools expects to open the Claremont Preparatory School in the fall 2005.

The building dates back to 1928. The basement through the seventh floor consist of 9,650 sf and the eighth and ninth floors consist of 7,600 sf. The Claremont Preparatory School will seat approximately 1,000 students in grades K-8.

MetSchools, a for-profit education group which operates several schools throughout the city, chose 41 Broad because the building fit its requirements for both personality and size, according to president and CEO Michael C. Koffler. The group also specifically looked to Downtown to open its newest school, he says. "We wanted to try to place a middle school where it would have an impact on Lower Manhattan," Koffler explains. "There is no privately arranged middle school to serve the area below Canal Street."In addition, Koffler wanted to support the redevelopment of Downtown. "Since Sept. 11 I've been trying to do my little part for the economic development of Lower Manhattan," he adds.