NYU Closes on $275M Dorm Buy

NEW YORK CITY-New York University has closed on its purchase of the Gramercy Green building at 316 Third Ave. from developer JD Carlisle Development Corp. According to the Office of the City Register, the purchase of the approximately 260,000-sf building was for $275 million, although an NYU spokesperson did not confirm the price.

The spokesperson did confirm that “the purchase has closed” and notes that NYU “determined its intentions to use the 21-story condo for dorm use early on.” The facility, located at 23rd Street and Third Avenue is the newest addition to the NYU residential education family and will primarily house sophomore students.

The facilities include a TV, computer, and study lounge on floors three through five, as well as a large programming space for “a variety of events and activities,” according to NYU’s website. In spring 2009, the sub-level will open which houses a gym, private study rooms, and a larger TV lounge.