Gateway School of New York (“The School”) 211 West 61 Street

Address: 211 West 61 Street
Block: 1154
Lot: 7502
Landmark Status: N/A

Contact:

Robert Cunningham
The Gateway School
236 Second Avenue
New York, NY 10003
(T) 212-777-5966

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Summary of site plans and status

Gateway School of New York (“The School”) is a New York State education corporation operating a non-profit co-educational, non-residential special needs school that serves students between the age of 5 and 13. They are located at 236 Second Avenue, but will be moving to 211 West 61 Street by 2009.

The school seeks acquisition, renovation and equipping of commercial condominium units comprising approximately 19,230 square feet located at 211 West 61st Street (between Amsterdam and West End Avenue), New York, NY 10023 utilizing tax-exempt bond financing through the New York City Industrial Development Agency.

The total project costs are approximately $31,600,000. The School is seeking the issuance of up to $18,650,000 in NYCIDA tax-exempt bonds to (i) acquire building space at 211 West 61st Street in the amount of $8,120,000; (ii) fund construction costs of $6,765,000, (iii) fund FF&E costs of $1,005,000, and (iv) fund soft costs in the amount of $2,760,000. The School will finance the remainder of the project costs with $4,950,000 of Equity Contributions and $8,000,000 from the sale of their existing building.

211 West 61 Street is a 6-story building, and Gateway will be occupying 1, 5 and 6. The other floors are occupied by the American Music and Dance Association.

The Company will retain 37 full-time equivalent employees and will create 23 new full-time equivalent positions in the next 3 years.