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Columbia University buys student housing property in Morningside for $122M
The deal brings more than 300 student beds to 99 Claremont Avenue, with planned redevelopment of a historic 92-year-old building.
Columbia University has acquired a student housing project in northern Manhattan for $122 million, adding to its dormitory portfolio in Morningside Heights, Commercial Observer reported. The property at 99 Claremont Avenue includes a more than 300-unit building, according to the report, citing a source close to the transaction.
Charney Companies, led by Sam Charney, sold the project to the Ivy League university. The Commercial Observer said the joint acquisition involved Charney and Criterion Real Estate Capital, which previously bought the building, then known as McGiffert Hall, from an affiliate of Riverside Church for $38 million in 2024 and planned to convert it into luxury student housing.
The redevelopment is tied to financing, with the partnership securing $55 million of acquisition financing from Madison Realty Capital to purchase and redevelop the historic property. Commercial Observer also said Columbia’s finished project will be its first residence hall dedicated to students in its School of General Studies, opening in the fall.
The property, located at the corner of Claremont Avenue and West 122nd Street, is expected to house more than 300 students and include more than 79,000 square feet of study and activity space, such as a fitness center, lounge, communal kitchen, and roof deck, the outlet reported.