Property records published yesterday indicated that Glenwood Management closed on the purchase of a vacant development site at the Fordham University campus south of the Lincoln Center for the Performing Arts, according to an article today by Adam Pincus at therealdeal.com
The article said that Glenwood's $125 million acquisition included the purchase of more than 300,000 square feet of development rights.
Glenwood went into contract in August and closed January 7 on the site at 49-55 Amsterdam Avenue, at the corner of 62nd Street, adjacent to the school's Lincoln Center Campus. The site is approximately 90 feet by 110 feet, property records show, the article said.
As part of the sale, the article continued, "Fordham sold 313,429 square feet of development rights to Glenwood, quadrupling what it was able to build as of right on the parcel, to a total of 409,889 square feet.
According to the article, Glenwood, one of the city's major developers of "luxury" high-rise rental apartment towers, intends to build a residential rental tower with ground-floor retail and parking. Glenwood and Fordham did not immediately respond to a request for comment.
"The agreement also contains restrictions - common when a religious institution such as Fordham University which is a Jesuit school sells property - on how the residential building can be used, including prohibiting its use as student housing, and forbidding any nude modeling, massage parlors, sex clubs or liquor stores," the article said.
Last year, the city granted Fordham the right to build six new buildings as part of a $1.6 billion redevelopment of its Lincoln Center Campus on the block between Amsterdam and Columbus avenues and 60th and 62nd streets. The approval includes its law school and the site just purchased by Glenwood.
The 22-story building designed by Pei Cobb Freed that will contained a curved low-rise section for Fordham's Law School and an angled tower student dormitory just broke ground on East 62nd Street south of the Metropolitan Opera House and its adjacent park. An aerial rendering of the law school structure from the north is illustrated at the left.
A November 24, 2010 article by Theresa Agovino at crains.com said that Douglaston Development is interesting in a second high-rise residential development site on the Fordham campus.
The article said that Glenwood's $125 million acquisition included the purchase of more than 300,000 square feet of development rights.
Glenwood went into contract in August and closed January 7 on the site at 49-55 Amsterdam Avenue, at the corner of 62nd Street, adjacent to the school's Lincoln Center Campus. The site is approximately 90 feet by 110 feet, property records show, the article said.
As part of the sale, the article continued, "Fordham sold 313,429 square feet of development rights to Glenwood, quadrupling what it was able to build as of right on the parcel, to a total of 409,889 square feet.
According to the article, Glenwood, one of the city's major developers of "luxury" high-rise rental apartment towers, intends to build a residential rental tower with ground-floor retail and parking. Glenwood and Fordham did not immediately respond to a request for comment.
"The agreement also contains restrictions - common when a religious institution such as Fordham University which is a Jesuit school sells property - on how the residential building can be used, including prohibiting its use as student housing, and forbidding any nude modeling, massage parlors, sex clubs or liquor stores," the article said.
Last year, the city granted Fordham the right to build six new buildings as part of a $1.6 billion redevelopment of its Lincoln Center Campus on the block between Amsterdam and Columbus avenues and 60th and 62nd streets. The approval includes its law school and the site just purchased by Glenwood.
The 22-story building designed by Pei Cobb Freed that will contained a curved low-rise section for Fordham's Law School and an angled tower student dormitory just broke ground on East 62nd Street south of the Metropolitan Opera House and its adjacent park. An aerial rendering of the law school structure from the north is illustrated at the left.
A November 24, 2010 article by Theresa Agovino at crains.com said that Douglaston Development is interesting in a second high-rise residential development site on the Fordham campus.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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