Hawkins Way Capital has expanded its portfolio of student accommodation in Manhattan with the acquisition of a property near Union Square for $51.5 million. The New School is the seller. This is according to recently published city records, which identify the transaction as Hawkins' third acquisition of student housing this summer.
The transaction, signed by Joshua Bird, Managing Director and General Counsel at Hawkins, for the buyer, and Loretta Ferrari, Chief Financial Officer of The New School, for the seller, concerns Loeb Hall. This 268-bed residence is located at 131-135 East 12th Street. Hawkins acquired the building via the specially formed company 135 E 12th Owner.
Ross Walker, Managing Partner at Hawkins, expressed his satisfaction with the acquisition in a statement: the company had long sought the right opportunity in this neighbourhood, and this property represents an ideal addition to the portfolio. He highlighted the location, the existing infrastructure for student accommodation, and the flexibility of the property, which put Hawkins in an excellent position to offer high-quality housing in one of the strongest urban student housing markets in the country.
It is unclear why The New School is no longer actively using Loeb Hall as student accommodation. The property was removed from undergraduate housing options this year. Loeb Hall is located four blocks east of The New School's main university centre and administrative offices on Fifth Avenue, although the expansive campus includes numerous sites near Union Square.
The former Loeb Hall will undergo extensive renovation and be repositioned under Hawkins' student accommodation platform, Found Study, a company spokesperson stated. The parties did not disclose information about any broker involved in the transaction. A spokesperson for The New School did not respond to a request for comment.
The current acquisition of Loeb Hall is Hawkins' third major transaction in the student accommodation segment in Manhattan within recent months. In June, the Beverly Hills, California-based firm acquired the Stratford Residence Hall at 117 West 70th Street on the Upper West Side from the American Musical and Dramatic Academy for $80 million. Also in June, Hawkins purchased a property at 81 East Third Street in the East Village, comprising student accommodation for the New York Conservatory for Dramatic Arts as well as rental flats, for $28 million.
Previously, in July 2024, Hawkins had already acquired another 122-unit student accommodation asset from The New School in Chelsea, 300 West 20th Street, for $30 million. These transactions are part of Hawkins' broader strategy, in conjunction with joint venture partner Varde Partners, to build the Found Study portfolio of student accommodation assets across Manhattan.
