SUNY buys townhouse complex for new campus.
Newmark Managing Director John Lizzul said the State University of New York (SUNY) purchased 119 and 121 East 54th St. and 116-118 and 120 East 55th St. on behalf of the Neil D. Levin Graduate Institute.
The property consists of two connected townhouses that will provide the institute with approximately 40,000 square feet of classroom, conference and seminar space. The seller was TIAA-CREF, a national financial services organization and one of the nation's largest institutional real estate investors, Lizzul said. No purchase price was disclosed.
Newmark's Lizzul represented SUNY in the transaction. Massey Knakal Realty Services and Colliers ABR represented the seller.
The Neil D. Levin Graduate Institute is currently in the planning stages for undertaking fit-out of the space at the property. No firm move-in date has been established, although the Institute has reported that it anticipates conducting its first for-credit courses during the 2005-2006 academic year.
The Neil D. Levin Graduate Institute of International Relations and Commerce was established by Governor George E. Pataki and the State of New York, under the auspices of SUNY, in memory of Neil D. Levin, executive director of the Port Authority of New York and New Jersey who perished in the terrorist attack on the World Trade Center on Sept. 11, 2001. It will run as an independent institute within the SUNY system.
Newmark's Lizzul said the property was a perfect fit for the Neil D. Levin Graduate Institute. "It is just the right size and although there is some construction that needs to be done, there was already space for an auditorium at the property," he said. "In addition, the location is just perfect. It puts the Institute within a short distance from the United Nations and near the offices of many foreign and domestic companies in the area."
The Institute currently operates out of temporary offices at 33 West 42nd St.
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|Title Annotation:||State University of New York purchases campus for Neil D. Levin Graduate Institute of International Relations and Commerce|
|Publication:||Real Estate Weekly|
|Date:||Mar 23, 2005|
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