May 24 (Bloomberg) -- St. John’s University in New York agreed to sell its lower Manhattan campus to a group including developer Steven Witkoff and property investor Fisher Brothers, which plan to build condominiums at the site.
Selling the property at 101 Murray St. will give the university a “major infusion of capital,” President Donald Harrington said in a statement today. Proceeds will be used for student financial aid, academic programs and facility improvements, the university said. The sale price, which the seller didn’t disclose, will exceed $200 million, said a person with knowledge of transaction.
The developers plan to tear down a 10-story building on the property and build a condo project, said the person, who asked not to be named because the details are private. The partners “are dedicated to creating the highest and best use for 101 Murray,” Winston Fisher, a Fisher Brothers partner, said in the statement.
It’s “a property that is situated in the very heart of one the most dynamic mixed-use neighborhoods in the world,” Fisher said.
Jody Fisher, a spokesman for Fisher Brothers, and Jennifer Little, a spokeswoman for Witkoff Group, didn’t immediately return telephone calls seeking comment on the development.
St. John’s will continue to occupy the building until mid-2014, according to the statement.
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