Columbia University is expanding its residential portfolio in Upper Manhattan with the acquisition of a new student residence. Charney Companies, represented by Sam Charney, sold its project at 99 Claremont Avenue in Morningside Heights to the Ivy League university for US$122 million, as confirmed by a source close to the deal. The Real Deal first reported on the transaction.
Charney, together with Criterion Real Estate Capital, acquired the 80,000 square foot building in 2024 for US$38 million from an affiliate of Riverside Church. The property, originally a smaller 82-unit residence adjacent to Riverside Church, was slated to be converted into a luxurious student dormitory. The joint venture secured US$55 million in acquisition financing from Madison Realty Capital for the acquisition and redevelopment of the historic property, then known as McGiffert Hall, as previously reported by Commercial Observer.
Significance for the student body
Sam Charney commented on the acquisition in 2024: "The ability to restore a historic, irreplaceable, 92-year-old building with all the beauty that 99 Claremont has to offer, while simultaneously providing desperately needed prime student housing in New York City is tremendous." The completed project will be Columbia’s first residence hall specifically dedicated to School of General Studies (GS) students, according to a Columbia University press release in March. The residence is scheduled to open in the autumn.
Lisa Rosen-Metsch, Dean of Columbia University’s School of General Studies, stated in the March announcement: "This milestone reflects our commitment to meeting one of the most important needs of our student body: accessible, community-oriented housing designed specifically for non-traditional undergraduate students. Its proximity to the Morningside Campus will reduce commute times and increase opportunities for students to deepen their connections with each other, which is essential for building community, a hallmark of the GS experience."
Facilities and capacity of the new residence
The new student residence at the corner of Claremont Avenue and West 122nd Street will accommodate more than 300 students. It will also feature over 79,000 square feet of study and activity spaces. These include a fitness centre, a lounge, a communal kitchen, and a rooftop terrace.
Spokespersons for Charney and Columbia did not immediately respond to requests for comment.
