Nonprofit student housing company Educational Housing Services Inc. bought a Lower Manhattan, N.Y., university dorm for about $101 million, The Real Deal reported, citing property records and sources familiar with the deal.
The buyer was the sublandlord for the 17-story property at 55 John St., used by Pace University, before buying it outright from Tessler Developments, the report noted, citing the sources.
Educational Housing did not previously own properties outright and typically manages student housing on behalf of landlords.
Tessler purchased the property for $38 million in a 2006 deal with Chetrit Group, according to property records seen by The Real Deal.
Neither Tessler nor Educational Housing responded to requests for comment, according to the report.
