NEW YORK CITY-A partnership of Magnum Real Estate Group and private investment firm 40 North Properties will develop a new dormitory building for the School of Visual Arts in the Kips Bay section of Manhattan.
The new six-story 146,000-square-foot building will be built at 407 First Ave. at 24th St., according to The Real Deal. The residence hall building will house 505 students and will also feature retail and office space.
Construction is expected to start in early 2014 and be completed by the summer of 2016. Banjamin Shaoul's Magnum Properties and 40 North Properties, led by Howard Glazer, acquired the site for $32.25 million in April 2013 from the International Center for the Disabled. See story in The Real Deal.
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