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Landlord Pays $25M Extra to Turn Fordham Lot Into High-Rise

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With a grand plan for a $1.6 billion expansion of its Lincoln Center-adjacent superblock over the next 25 years?including a law school building and dorm that just broke ground?Fordham University needs cash. How the school plans to get it: by selling off parcels of its land to developers who plan to construct residential high-rises. The first sale of one of those parcels has closed for $125 million, a whopping $25 million more than the reported contract price.
The vacant lot is at 49-55 Amsterdam Avenue (above), overlooking Lincoln Center at the northwest corner of the university's superblock. (The university also took bids for the similar sale of another Amsterdam Avenue lot in November.) The buyer, masked by an innocuously-named LLC, is residential rental developer Glenwood Management. One way to recoup some of that $25 million: Glenwood will only have to hire doormen for 51 weeks out of the year.
· Glenwood buys Amsterdam parcel for new tower [Crain's]
· Fordham coverage [Curbed]