Educational Housing Services Acquires Webster Apartments Corp. Multifamily In New York For $52.5M

The Webster Apartments, a nearly 100-year-old multifamily property located at 419 W 34th St in New York City, has been sold for $52.5 million. The buyer, Educational Housing Services, based in Brooklyn, has plans to convert the women-only apartment building into co-ed student housing, according to a source familiar with the plans.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $52,500,000
• Units: 376
• Price Per Unit: $139,628
• Market: New York

Educational Housing Services, a Brooklyn-based organization, has purchased The Webster Apartments from The Webster Apartments Corp. The property, originally founded in 1923 as affordable housing for single working women, will undergo a transformation into co-ed student housing under the ownership of Educational Housing Services. No specific plans for the building have been announced at this time.