The New School sold its 13th Street Residence Hall for $23 million in early September, three years after its closing.
The building, located at 118 West 13th St., was sold to Slate Property Group following a 17-year tenure as part of the university’s campus.
The New School used $15 million from the sale of the 13th Street Residence to pay off debt stemming from the building’s purchase in 2001, while the remaining portion went towards the university’s operating budget, according to New School spokesperson Merrie Snead.
The university closed the dorm, which housed up to 175 students, in fall 2018 after mold was found in the building, Snead said. More than 160 students — mostly first-years — living in the dorm at the time found themselves abruptly relocated to other residence halls just weeks into the fall semester.
Further testing revealed that the mold posed no risk to residents, however the university kept the dorm closed for future construction. The New School planned to renovate the building and repurpose it for administrative purposes with a December 2021 opening date, according to Snead.
However, The New School changed its plans following the COVID-19 pandemic as the university shifted to a more remote working environment. The school put the property up for sale in September 2020, Snead said.
The sale follows the opening of the 301 Residence Hall at 301 First Ave. this fall. The New School began leasing the 301 Residence Hall, which houses 631 residents, in summer 2020, and planned to open it that fall, before the pandemic delayed those plans until this semester, Snead said.
Slate Property Group plans to convert the building, once called the most expensive dorm in the country, into luxury condos, according to the Real Deal.