106 Fulton St. has substantial transportation access, including the Staten Island Ferry and a number of trains.
NEW YORK CITY—Pace University has sold a residence hall in Lower Manhattan for just over $51 million. The property, at 106 Fulton St., was purchased by DSA Property Group.
NGKF capital markets' Kenneth Zakin, senior managing director and Carol Ann Flint, managing director—together with David Falk, president of NGKF's New York tri-state region and Kyle Ciminelli, managing director—exclusively represented the building on behalf of Pace University.
DSA, which reportedly is an established multifamily operator in the neighborhood, is planning a light renovation of the 75,000-square-foot, 15-story building to quickly bring the units to market at relatively affordable rents. The emergence of the Finacial District as a residential neighborhood, and the ongoing growth within the area, presented a unique opportunity for DSA Property Group to expand their downtown footprint, NGKF reports.
“FiDi is undergoing a shift from its original office/retail roots to a mixed-use neighborhood that offers a variety of residential options for the growing community and 106 Fulton Street presents a unique opportunity for the new owner to immediately repurpose an existing property to a new residential use.” says Zakin.
“Wrapping the southeast corner of Fulton Street's cafes and shops and being perfectly centered between One World Trade Center and South Street Seaport, the building will provide tenants with a real neighborhood feel, while retaining the historical character of the financial district,” he adds.
In recent years, Pace has constructed two new residence halls at its downtown campus to accommodate over 1300 students and certain staff. The existing residence hall at 106 Fulton Street represented a relatively small part of Pace's student housing in NYC, which now includes four larger facilities accommodating over 2,300 students.
The university plans to reinvest the proceeds from the sale of 106 Fulton St. in renovation and expansion of academic facilities at its NYC campus, primarily 1 Pace Plaza and 41 Park Row.
106 Fulton St. has substantial access to public transportation, including the Staten Island Ferry and the 4/5, 2/3, J/Z, A/C and R trains, amounting to approximately half of the city's subway lines.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
