Pace Dorm Could Become Latest Downtown Condo
Pace University's dormitory at 106-108 Fulton Street in downtown Manhattan is up for sale and likely to become condos (image via Google Maps)
March 9, 2016 — Pace University has put its 15-story dormitory at 106-108 Fulton Street in downtown Manhattan up for sale, and the building’s 75,000 square feet above the retail ground floor are being marketed with an eye toward “mid-market luxury housing” – probably condos, the New York Post reports.
The property could fetch about $60 million for Pace, which plans to vacate the building in June. Though modest in size compared to the gaggle of new projects on the once-grimy, newly resurgent stretch linking the East River and One World Trade Center, the dormitory “is ready to go right now,” says Kenneth Zakin, head of the sales team at Newmark Grubb Knight Frank.
Originally built in 1900, the structure was an office building and a hotel before Pace converted it to a dormitory in 1999.
No word yet on whether the Burger King on the ground floor will stay or go after the building is sold.