Craig Nassi of BCN Development is in contract to purchase Union Theological Seminary’s dormitory at 97 Claremont Ave. for north of $50 million.
Across Claremont Avenue from its main campus in Morningside Heights and now occupied by faculty and students, the seminary will lease back the iconic gothic property for three to five years while it constructs a new building a block away.
Nassi says once the seminary leaves, he will renovate the 90,000-square-foot interior with an eye on residential use. The 82 rooms now include a sprawling five-bedroom presidential pad overlooking Sakura Park.
Ronnie Levine of Meridian Capital has already secured the financing for the purchase, which is due to close in July.
Nassi has been discussing the direct purchase with UTS since it approached him three years ago.
