NEW YORK—Marymount School of New York has purchase a 15,137-sq.-ft. lot of land at 115 East 97th Street in the Carnegie Hill neighborhood for $21 million. CBRE’s Timothy Sheehan, senior vice president, Edward Midgley, senior vice president, and Daniel Kaplan, associate, represented Marymount in the transaction.

Paul Wolf and Stephen Powers of Denham Wolf Real Estate Services Inc. represented the seller, 1625 West LLC.

Plans for the land include a future school building, but in the near future Marymount will use the open space as playing fields for its nearly 700 students.

“The seller is deeply invested in the Carnegie Hill neighborhood, so it was crucial to find the right buyer at the right price that would develop the land to be an asset for the surrounding neighborhood,” said Wolf. “Marymount is already a good neighbor in its leased facility directly across the street, and this rare chance to build more than 110,000 square feet will enable Marymount to construct a world-class athletic, performance and academic facility.”