A tony Upper West Side private school has offloaded its lower-school building to the investment firm Bayrock Capital for $14 million.
The Calhoun School, a nonprofit 127-year-old institution currently teaching children in grades pre-K through 12, announced the transaction this Monday.
“This month, we said goodbye to the 74th Street building, home to Calhoun’s Early Childhood division for over 30 years,” wrote the school — which charges an annual tuition of between $46,000 and $61,000 to its full-time students, of which it has about 625 enrolled for the upcoming school year, according to Crain’s — in a Facebook post.
“Current and former families, alumni, friends, members of the Trustee community, faculty and staff honored Calhoun parent and Director of Lower School—Early Childhood Alison Rothschild ‘85, and reflected fondly on the memories, joy and friendships created in the building.”
The historic five-story structure at 160 W. 74th St. will now be converted to residences, according Cushman & Wakefield, which arranged the 50-foot-wide landmark’s sale, Crain’s wrote.
Where children enjoyed a premium education as well as a theater, a second-floor rooftop playground and a gymnasium, there will soon be apartments.
Cushman & Wakefield did not have information on when the units will be available, although it did note the 16,267-square-foot address did recently undergo mechanical and exterior upgrades.
The real estate transaction comes a year after Calhoun announced its merger with the Metropolitan Montessori School, and less than a month after it went into effect in late June.
The nonprofit’s plan to create New York City’s first dual-track early-childhood program, and Calhoun’s lower school programs, are slated to soon move into the Metropolitan Montessori School’s building not so far away.
“As we move on to new beginnings at 85th Street, we know that Calhoun’s community will continue to flourish and create the same strong, lasting bonds as we’ve done in the past,” the Facebook post concluded.
“In effect,” Calhoun’s head of school, Steven 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.”
The proceeds from the 74th Street building’s sale will go towards paying down real estate debt, Solnick noted.
