BCN Development Acquires Claremont Avenue Dormitory From Union Theological Seminary For $50M

The dormitory located at 97 Claremont Avenue in New York City's Morningside Heights neighborhood has been sold in a closed transaction. The property, owned by Union Theological Seminary, was purchased by BCN Development for a price of $50,000,000. The dormitory encompasses a total of 97,996 square feet, with a price per square foot of $510. It consists of 82 rooms, resulting in an average price per room of $609,000.

Summary of transaction details

• Property Type: Dormitory
• Transaction Amount: $50,000,000
• Address: 97 Claremont Avenue, New York City
• Market: Morningside Heights
• Square Footage: 97,996
• Price per Square Foot: $510
• Number of Rooms: 82
• Price per Room: $609,000

Craig Nassi of BCN Development was the buyer in this transaction, while Serene Jones, representing Union Theological Seminary, acted as the seller's representative. The deal is expected to be finalized in July.