Alternative opportunity
investment and development.
investment and development.
School plans to consolidate dorm space in a single Heights property.
A private art and design school is consolidating its dormitory space under a single roof in Brooklyn Heights. The Art Institute of New York has signed a five-year lease for the entire 41,500-square-foot building at 67 Livingston St. The 26-story Glory Capital-owned building built in 1987 will allow AINYC to consolidate student housing that is scattered across Brooklyn and Manhattan. Although there wasn’t any posted asking rent, schools typically charge students the equivalent of roughly $75 per square foot for such dorm rooms.
The building–which features newly carpeted and painted rooms, a new fitness center and flat-screen television in every room–will accommodate 182 students, all of whom are scheduled to move in this week. Previous tenants included New York University and Watchtower Bible and Tract Society.
Published on Monday, August 16th, 2010.