The Geneva School Acquires Upper West Side Campus From Flushing Bank For $33.2M

The transaction involved a note/loan asset located at 150 West 85th Street in the Upper West Side market. The sale price for the asset was $33,200,000, which corresponds to approximately 38,838 square feet, resulting in a price per square foot of $854.

Summary of transaction details:

• Property Type: Note / Loan
• Transaction Amount: $33,200,000
• Address: 150 West 85th Street
• Market: Upper West Side
• Buyer: The Geneva School
• Seller: Flushing Bank
• Seller's Representatives: Bob Knakal, Anahis Barrie, Ryan Candel - BKREA; Tom Brady - Douglas Elliman
• Seller's Attorney: Al Togut - Togut & Segal & Segal LLP
• Initial Offer: $20 million
• Final Bid: $33.2 million

The successful outcome of the transaction was facilitated by the BKREA team's strategic marketing, which generated multiple qualified offers after the property was placed on the market following the bankruptcy of the Manhattan Country School. The competitive auction attracted additional bidders, including another private school and a developer, ultimately leading to the Geneva School being selected as the stalking horse bidder.