Magnum/40 North J-V to Develop Student Housing in Manhattan
- Jan 24, 2014
By Veronica Grecu, Associate Editor
The School of Visual Arts, one of the largest independently regionally accredited art colleges in the country, will add a new dormitory building to its campus in the Kips Bay neighborhood of Manhattan. The Real Dealreports that the 14-story residence hall will be developed by a joint venture between Magnum Real Estate Group and 40 North Properties, a local development company focused on commercial and residential developments across the five New York City boroughs.
Set to occupy an existing parking lot of 4,200 square feet at 407 First Avenue on 24 Street, the building was designed by Ismael Leyva Architects as an L-shaped structure that will allow the construction of a six-story wing on First Avenue. Reportedly, construction at the 147,000-square-foot residence hall will start in spring 2014 with a completion date set for the beginning of the fall semester 2016.
Once open, the new School of Visual Arts residence hall will provide over 500 dormitory beds within 242 suites. The building will also include administrative and faculty offices, as well as a public terrace on the seventh floor.
“We will design a comfortable living environment for students in a functional building, keeping in context with the surrounding neighborhood,” said Ismael Leyva, AIA, president, Ismael Leyva Architects, in a press statement.
According to The Real Deal, the Magnum/40 North partnership acquired the development site in April 2013 for $32.25 from the nonprofit International Center for the Disabled.
Rendering credits: Ismael Leyva Architects