Based at 170 E. 70th St., the school plans to complete its expansion in two phases, according to a release. In phase one, which is scheduled for completion this fall, NYSID will occupy the entire third floor at 401 PAS. Phase two will follow in time for the fall 2011 academic semester, the release states.
"The space fits many of NYSID's requirements: an abundance of natural light from the oversized windows; direct subway access to NYSID's Upper East Side campus; and a separate entrance on East 28th Street that provides NYSID with terrific branding opportunities," says Neil Lipinski, principal/senior managing director at Cassidy Turley, in the release.
He adds that the school is aiming for LEED certification for the space. "The landlord, Meringoff Properties, is familiar with the special requirements of schools of higher education, fully embraces the use, and is enthusiastic" about NYSID being its first LEED-certified tenant at the 13-story, 221,116-square-foot office property, which is now 100% leased.
Lipinski represented NYSID along with director Tim Kucha as well as David Lebenstein, senior managing director in Cassidy Turley's not-for-profit practice. Jonathan Rose Cos. is acting on behalf of NYSID as well. Meringoff was represented by SVP Mark Stein and assistant VP Jason Vacker. Lease terms were not disclosed; asking rents for comparable properties along Park Avenue South range from the high $30s to mid $40s per square foot.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
