As occupancy dwindles, college dorms go beyond students

By Debra Kamin | The New York Times

Yeshiva University was in trouble, and Pebb Capital saw an opportunity.

The financial woes for Yeshiva, the oldest Jewish university in the United States, started in the early naughts, and by 2015, its endowment had shrunk by $90 million. To free up cash, the school began selling pieces of its real estate, including the Alabama, a student housing property in Manhattan that served students at Yeshiva’s Cardozo Law School.

Pebb Capital and its partner, TriArch Real Estate, bought the building for $58 million in 2016, blowing out interior walls and gut-renovating it to convert it from a dated dormitory into sleek, furnished apartments. The investors nearly doubled their money, selling the building for $104 million in February 2020; it now houses a mix of graduate students and young professionals.

READ ON:

Share this!

Additional Articles

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories
November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30