NYC Condo Developer Opts Against Marketing Units; Unloads Entire Building To Columbia University; Students, Faculty To Live In Luxury

In The Bronx, New York, The Wall Street Journal reports:

• Thanks to the slowdown in the New York City condo market, some Columbia University students and faculty will be bunking in high style. Columbia recently bought 127 high-end condos from a developer and has converted the building, called The Arbor, into housing for graduate students and faculty. The building is located in Riverdale, an affluent section of the Bronx not far from Columbia's uptown Manhattan campus.

• L&M Development Partners decided to unload the entire building to Columbia for about $69 million, a 20% discount from what the developer had hoped to obtain by selling the condos individually, says Vincent Carrega, executive managing director, at Grubb & Ellis Co., which represented L&M in the deal.

For the story, see From a Doorman to Dorm Rooms.