Gramercy Green purchase for $275 million finalized

The purchase of NYU’s newest residence hall, Gramercy Green, was finalized this summer for $275 million with developer J.D. Carlisle, an NYU spokesman confirmed.

“[Gramercy Green] is a part of our overall effort to replace leased residence halls with residential facilities we own, thus bringing much more stability and financial predictability to our student residence system,” NYU spokesman John Beckman said.

Before NYU’s purchase, the building, on 23rd Street and Third Avenue, was slated to be a luxury apartment building. The dorm rooms have stainless steel appliances, hardwood floors, dishwashers and granite countertops. Some rooms also have floor-to-ceiling windows.

Students pay $12,850 per year to live in the building. When filled to its full capacity of 900 students, Gramercy Green brings in about $11.5 million a year.

The ability to rent out the first floor to commercial tenants will also help alleviate the total cost of the building, Beckman said.

“We are delighted that this property contains a substantial retail presence,” he said. “In the long run, revenue from the commercial rentals on the first floor of the building will help to support the costs of operating the residential component.”

Director of Residential Education Tom Ellett said the location of the dorm is an advantage.

“We are excited to give the NYU community an opportunity to experience the Gramercy area,” he said. “The traditions, cultures and the life in the area will greatly compliment the curricular experience for our students.”


Additional reporting by Hilary Tuttle. Eric Platt is university editor. E-mail him at eplatt@nyunews.com.