Beekman to redevelop former school on First Avenue

Real Estate Weekly, Oct 6, 1999

Beekman International Center, LLC has purchased the historic city-owned Manhattan building and land parcel at 31 First Avenue at 51st Street. Beekman will redevelop the property while preserving and restoring the "building's architecturally-significant facade."

"Redeveloping this historic building will put a long-languishing, city-owned property back into use and onto the city's tax roll," said Mayor Rudolph Giuliani. "Not only will the project preserve a historic structure in the Sutton Place community, but it will create new housing just a few blocks away from the shopping and business hub of Midtown Manhattan and the United Nations."

In addition to preserving the facade, Beekman will reconstruct the interior of the building for use as a residential and commercial structure. Construction is expected to begin this fall and will last approximately 18 months. The product is anticipated to create more than 190 construction jobs and approximately 65 permanent jobs.

"The redevelopment of this historic structure will bolster the quality of life in the internationally significant neighborhood of the United Nations," said Randy Levine, deputy mayor for economic development, planning and administration. "This project demonstrates the Giuliani administration's commitment to improving the city's variety of communities."

The 42,000 square-foot building was constructed by the city in 1890 as a public school and is on the National Register of Historic Places. It was also used as a United Nations school in the late 1960's until it was vacated. Most recently, the building served as a temporary shelter for homeless women.

"We look forward to developing one of the finest residential buildings in New York City, which will be an excellent addition to New York real estate," said Dennis Herman, managing member of Beekman International Centers. "By preserving the facade, we are maintaining the architectural significance of the building in the Sutton Place community."

"With the development project, the Giuliani administration will be creating over 200 jobs in the city's workforce," said EDC President Michael Carey. "In addition to offering new residential space, the building will feature approximately 10,000 square feet of retail space for community members and United Nation's visitors to enjoy."

EDC is the city's primary vehicle for economic development services. Using its real estate and financial resources, it helps develop businesses and create jobs throughout the five boroughs.