Bayrock Capital Snaps Up NYC School Building For $14 Million
Bayrock Capital, an investment firm, has acquired the lower-school building of a prestigious Upper West Side private school, The Calhoun School, for $14 million. The school, which has been in operation for 127 years and currently offers education from pre-K through 12th grade, announced the sale on Monday.
The five-story historic structure located at 160 W. 74th St., which had been home to Calhoun’s Early Childhood division for over three decades, will now undergo conversion into residential apartments, as per Cushman & Wakefield, the firm that facilitated the landmark building’s sale.
The building had served as a premium educational space, complete with amenities like a theater, a second-floor rooftop playground, and a gymnasium. However, it will soon be transformed into residential units.
The sale of the lower-school building comes a year after Calhoun School’s announcement of its merger with the Metropolitan Montessori School, and the merger took effect in late June. Calhoun’s plan is to create New York City’s first dual-track early-childhood program, with Calhoun’s lower school programs moving to the Metropolitan Montessori School’s building, which is located nearby.
In a Facebook post, the school bid farewell to the 74th Street building, expressing gratitude to current and former families, alumni, friends, faculty, and staff for their cherished memories and experiences within the building.
Calhoun School charges annual tuitions ranging from $46,000 to $61,000 for its full-time students, and it currently has approximately 625 enrolled students for the upcoming school year.
The proceeds from the sale of the 74th Street building will be used to reduce the school’s real estate debt, according to Steven Solnick, Calhoun’s head of school. He emphasized that this sale is essentially an exchange of lower-school buildings, and the school does not expect a significant financial gain from the transaction.
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