80 Maiden Lane/ Image credit: PropertyShark, photo taken by Christopher Bride
NEW YORK CITY—Quad Preparatory School is expanding. The college prep school for gifted children with learning disabilities is moving its middle and high school into 50,000 square feet at AM Property Holding Corporation and Normandy Real Estate Partners' 80 Maiden Lane. The school plans to open at the new location in September 2019. The building's asking rents range from $55 to $62 per square foot.
Although the space met the school's needs, there was hesitation about bringing it into an office building. However, AM Property agreed to convert the building's entrance at the back side at 19 Cedar St. to a dedicated entrance for the school. With its own elevator and stairway, the school will separate the students from the office tenants.
The landlord will also build out the school's space on the ground, fifth and sixth floors. Renovations to the building originally constructed in 1912 will include adding modern classrooms, laboratories for chemistry, biology, engineering and physics, a performance space, a kitchen classroom and an inventive design and creation space.
Normandy purchased the property in August 2017 for $54 million, according to PropertyShark. The real estate database also provided the above building photo by Christopher Bride.
In 2016, a Savills' team of Marc Shapses, Roi Shleifer and Seth Wasserman found Quad Prep's K-8 school a home at 25 Pine St.
Subsequently the school expanded. For the 2018-2019 school year, with 113 K-12 students, it had increased over 41% from the prior year. The new facility will meet the school's growing needs and will improve the educational facilities for older students.
The Savills team also represented Quad Prep in its most recent lease. CBRE's Paul Amrich, Neil King, Michael Rizzo and Rob Wizenberg represented the building ownership.
“Quad Prep needed to expand near its existing campus at 25 Pine, but it's incredibly rare to find available school space, especially in an office market like Lower Manhattan,” says Shapses. “To secure a new home for Quad Prep that functions as a building within a building and has such an accommodating landlord was finding a needle in a haystack.”
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
