NEW YORK CITY-Corigin Real Estate Group has purchased 535 East 80th St., an art-deco building that formerly housed operations of the City University of New York for $61.75 million.

The New York City-based real estate firm purchased the 70,502-sf property from the Dormitory Authority of New York.

According to a report in the Commercial Observer, based on Corigin Real Estate Group’s history, a development project could be in the works at the property. The has built, renovated or repositioned at least five student housing facilities in New York City, all of which are leased to New York University. See story in the Commercial Observer.