A prestigious private school located in the renowned Upper West Side neighborhood of New York City has recently sold its lower-school building to Bayrock Capital, an investment firm, for a staggering $14 million. The Calhoun School, an esteemed non-profit institution with a rich 127-year history, made the announcement about the transaction on Monday. The school, which currently educates students from pre-K to 12th grade and charges an annual tuition ranging from $46,000 to $61,000, shared the news on its Facebook page. The post emphasized the sentimental value of the 74th Street building, which had been home to Calhoun’s Early Childhood division for over three decades. It expressed gratitude to current and former families, alumni, friends, trustees, faculty, and staff for their unwavering support. The post also honored Alison Rothschild, a Calhoun parent and Director of Lower School—Early Childhood, who played a crucial role in the Lower School’s success.
The historic five-story structure, located at 160 W. 74th St., will now undergo conversion into residential units. Cushman & Wakefield, the real estate agency responsible for the sale, confirmed that the landmark with a notable width of 50 feet will be transformed into exclusive apartments. This building holds cherished memories for the children who received an outstanding education within its walls, along with access to a theater, a rooftop playground on the second floor, and a gymnasium. However, soon, these spaces will make way for luxurious homes. While there is no information available about the availability of the units yet, Cushman & Wakefield did mention that the 16,267-square-foot property recently underwent upgrades to its mechanical and exterior features.
This real estate transaction follows Calhoun’s merger with the Metropolitan Montessori School, which was announced a year ago and officially took effect in late June. The nonprofit has ambitious plans to establish New York City’s inaugural dual-track early-childhood program and relocate Calhoun’s lower school programs to the Metropolitan Montessori School’s building, situated not too far away. As a result, the former lower school building at 160 W. 74th St. will soon be transformed into residential spaces.
“As we embark on a new chapter at 85th Street, we are confident that Calhoun’s community will continue to thrive and foster the same deep, enduring connections as we have in the past,” the Facebook post concluded. In an interview with Crain’s, Calhoun’s head of school, Steven Solnick, explained that the sale of the 74th Street building will primarily be used to pay down the school’s existing real estate debts. So, while the school is essentially trading one lower school building for another, there won’t be a substantial financial windfall resulting from the sale.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
