The private Italian school, La Scuola d’Italia has acquired a 14-story, 102,000 s/f building at 432 West 58th Street from Mt Sinai Medical Systems, to consolidate its two locations into one.
The move will enable the school to expand from 300 to 700 students from nursery and pre K through 12 and open year round.
The purchase price was $55 million. La Scuola d’ Italia was represented by Justin DiMare and Howard Kesseler of Newmark Grubb Knight Frank.
Nguyen Huynh of Gates Capital Corp. arranged bridge and permanent bond financing. Other participants in the deal included Colosseo Development Group, Inc. DMR Architects, Aon Insurance, Castle Rock Insurance, and Alan Kleiman and Allen Roberts of the Epstein Becker Green law firm.
The school currently occupies two separate facilities which will be consolidated into the new building in September 2016, following redesign and renovation of 432W58. Comm. Stefano Acunto, chairman of the board of La Scuola, said the school will expand over the next few years and has begun to explore plans to accept boarding students from Italy and the EU,.
He said the school’s current 96th Street building is on the market and that income is anticipated from the rental of “two discrete floorsˮ of the school: “We will be selling our 12 East 96th Street facility, offering two floors for rental at the 58th Street facility with a separate entrance and elevator, and we will begin our $20 million capital campaign to raise funds to supplement our strongly consistent financial operations,” he said.