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N.Y.U. Law School buys $3.5 million
Perry Street condo for faculty housing

June 24, 2011


166 Perry Street #3D

By Roland Li

Real Estate Weekly

New York University School of Law has purchased an apartment at 166 Perry Street for $3.5 million, according to city records. The school will use the apartment as faculty housing, said Michael Orey, a spokesman for N.Y.U. Law.

Stephen Kaplan, a trustee of the Kaplan Living Trust, was the seller.

The 1,875 s/f corner apartment, Unit #3D. has a glass curtain wall and views of the Hudson river. It has two bedrooms, two bathrooms, a powder room and home office, along with 10-foot ceilings and a five-fixture master bath.

166 Perry Street, with its rippling, glassy façade, was designed Asymptote and is adjacent to Richard Meier’s 173 and 176 Perry Street. The eight-story building has 24 units, with closings that began in 2009. Unit #3D was sold for $2.85 million in December 2009 by Corcoran.

N.Y.U. School of Law’s primary academic buildings are on Washington Square South. The university is currently undergoing a land use review for a controversial expansion plan to build four new buildings in the area.

Heather McDonough of Prudential Douglas Elliman was the listing broker for Unit #3D, which had an asking price of $3.85 million.

“The architectural features of that building are stunning,” said McDonough, who is also representing condos at the William Beaver House in the Financial District.

In the West Village, there is a lack of inventory at this price point, she said, citing a recent search for apartments between $3 million to $5 million that yielded only 10 listings. As a result, prices have begun to increase.

“They definitely have started creeping up,” she said.