NEW YORK—SL Green Realty Corp, Harel Insurance and Finance and the Naftali Group have formed a joint venture to develop a dormitory tower for Pace University at 33 Beekman Street in downtown Manhattan.
The partnership acquired the fee interest in the planned development site, which faces Beekman and William Streets in the middle of Pace’s downtown campus. The partnership plans to develop an approximately 30-story building at the site, and upon completion, expects to set up a long-term ground lease condominium interest in the building to Pace University for student housing. In addition, ground-floor, school-related space is planned.
David Falk and Kyle Ciminelli from Newmark Grubb Knight Frank acted on behalf of Pace for the transaction.
This is SL Green’s and Harel’s second collaboration for Pace. In 2011, SL Green and Harel began construction of a 609-bed dormitory and retail condominium at 180 Broadway, with delivery scheduled for January 2013.