Rockrose Development Corporation has decided not to renew a New York University lease for 15 Cliff Street in Lower Manhattan.

It erected the building, which was designed by Avinash K. Malhotra, in 2001 and the university has leased the entire building for use as a dormitory.

The 31-story building has 156 apartments and has housed about 350 students.

The red-brick building is close to the South Street Seaport as is another Rockrose property that is also leased to NYU, 200 Water Street, which is also known as 127 John Street. NYU's lease on 200 Water Street, which is across from the Water Street entrance to the South Street Seaport complex, expires in 2009.

Katie Daniels of HWPR, a spokesperson for Rockrose, told CityRealty.com today that Rockrose had "no comment" on its plans for either of the buildings.

Kelly Franklin, deputy director of media relations for NYU, told CityRealty.com today that the university understood that Rockrose plans to convert 15 Cliff Street into residential condominium apartments.

The university provides housing for about 11,500 students a year and in recent years has been expanding its holdings in and around Greenwich Village and its expansion has not been without controversy.

The Greenwich Village Society for Historic Preservation has criticized some of the university's plans such as a proposed 26-story dormitory on East 12th Street that would become the tallest building in the East Village.

The handsome building at 200 Water Street was originally erected by the William Kaufman Organization as an office building and was designed by Emery Roth & Sons and was notable for its very unusual "tunnel" entrance of corrugated steel on Water Street and its flamboyant jungle-gym canopies on Fulton Street and a large digital clock on Water Street.