The City University of New York (CUNY) has acquired more space for student housing conversion at a Midtown Manhattan property that formerly served as a hotel, according to published reports. CUNY paid $125 million for six additional floors at 569 Lexington Ave., the New York Business Journal reported, citing New York City property records made public Monday.
The acquisition comes a few months after CUNY paid about $86 million to buy dorm space at the 380,000-square-foot building. In all, CUNY plans 578 dorm rooms there.
The latest acquisition gives CUNY control over floors one through eight of the building, along with floors 17 and 18, for a total of about 170,000 square feet.
The owner of the property, 569 Lexington Leasehold LLC, is an affiliate of California-based Hawkins Way Capital. The company formed a joint venture with Värde Partners to acquire the former DoubleTree-branded hotel in 2022 from RLJ Lodging Trust.
Photo courtesy of Oxford Hotels & Resorts.
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