School Takes 100,000 SF Downtown

NEW YORK CITY-MetSchools Inc. is expanding the number of schools it operates in the city with a deal to take 100,000 sf at 41 Broad St. in Downtown Manhattan. Walwilhall Associates owns the nine-story property, which is the former headquarters of the Bank of America International.

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.