Columbia University is adding a new student housing project to its dormitory portfolio in northern Manhattan.
Sam Charney’s Charney Companies sold its more than 300-unit project at 99 Claremont Avenue in Morningside Heights to the Ivy League university for $122 million, a source close to the deal confirmed. The Real Deal first reported the deal.
Charney, along with Criterion Real Estate Capital, acquired the 80,000-square-foot building, which was originally a smaller 82-unit dorm next to Riverside Church, from an affiliate of the church for $38 million in 2024, with plans to convert it into luxury student housing. The joint venture secured $55 million of acquisition financing from Madison Realty Capital to purchase and redevelop the historic property, then known as McGiffert Hall, as Commercial Observer previously reported.
“The opportunity to restore a historic, irreplaceable 92-year-old building with all the beauty that 99 Claremont offers while providing critically needed best-in-class student housing to New York City is a tremendous one,” Sam Charney said in 2024 following the acquisition.
The finished project will be Columbia’s first residence hall dedicated to students in its School of General Studies (GS), according to a press release from Columbia in March. The dormitory will open in the fall.
“This milestone reflects our commitment to meeting one of the most significant needs within our student population: accessible, community-centered housing designed specifically for nontraditional undergraduate students,” Lisa Rosen-Metsch, dean of Columbia’s School of General Studies, wrote in the March release. “Its close proximity to Morningside campus will reduce commute times and increase opportunities for students to deepen their engagement with one another, essential for the community building that is a hallmark of the GS experience.”
Spokespeople for Charney and Columbia did not immediately respond to requests for comment.
In addition to housing more than 300 students, the new student housing property at the corner of Claremont Avenue and West 122nd Street will feature more than 79,000 square feet of study and activity space, including a fitness center, a lounge, a communal kitchen, and a roof deck.
Isabelle Durso can be reached at idurso@commercialobserver.com.
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