The Calhoun School has finalized the sale of its lower school building at 160 W. 74th St. to Bayrock Capital, a private investment firm, for $14 million. The building will be converted to residences according to Cushman & Wakefield, who brokered the sale (according to a report in Crain’s New York).
The announcement comes roughly 15 months after The Calhoun School announced plans to merge with Metropolitan Montessori School. The merger went into effect July 1, by which point The Calhoun School had completed the move of its lower building to Metropolitan’s campus at 325 West 85th Street.
Due to its historic district designation, the property at 160 W. 74th St. will be required to maintain its facade under new ownership. A representative from Cushman & Wakefield told ILTUWS in August 2022 they were aiming to get something in the mid-$20 million range for the more than 22,000 square foot building between Amsterdam and Columbus avenues.
Steven Solnick of The Calhoun School told Crain’s that the proceeds from the sale will be used to pay down the debt on the building that housed the Metropolitan Montessori School.
“So, in effect,” Solnick told Crain’s, “we’re swapping one lower school building for another; there’s no other huge windfall to the school as a result of the sale.”
Known as the Robert L. Beir Lower School Building, 160 West 74th Street has operated as a school since it was built in 1896. A virtual tour of the building can be viewed here.
According to marketing materials from Cushman, the building is currently configured as “a mix of classrooms, administrative offices, a theater, gymnasium, multiple ancillary spaces, a conference room, and a fully programmed playground on the 2nd floor roof with sport turf, climbing walls and play systems.”
Bayrock Capital, the buyer, bills itself as “a private investment firm that offers a unique buying and investment experience to discerning investors with diverse real estate investment needs.” The Calhoun School transaction continues a streak of recent real estate investments in the New York area including the purchase of a Long Island City Holiday Inn for $77 million, a hotel and parking lot near LaGuardia Airport, and a Bronx hotel for $4.7 million.