NEW YORK CITY-The sale of St. John's University's Manhattan campus has closed, at a purchase price of $223 million. The transaction marks the largest ever residential development site sale in Lower Manhattan and it commanded a record price for the area, according to Cushman & Wakefield—which represented the school—and Real Capital Analytics.

As previously reported, the site was sold to a partnership between the Fisher Brothers and the Witkoff Group. The estimated price of the sale was approximately $200 million. A C&W New York Capital Markets team of Helen Hwang, EVP; Nat Rockett, EVP; Karen Wiedenmann, exective director, Steve Kohn, president, equity, debt and structured finance, and Michael Rotchford, EVP, represented St. John's in the transaction.

Located on the northeast corner of Murray and West Streets, the property—at 101 Murray St.—provides the partners with the chance to build a residential project with a coveted Tribeca address. The site features an expansive 31,028 square-foot footprint that affords maximum design flexibility. The underlying zoning provides no height restriction, allowing the developer to maximize ceiling heights and enhance the potential for panoramic views. Fisher Brothers and Witkoff have not yet announced design plans.