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Columbia University acquires 313‑bed Manhattan residence for $122 million
17 July 2026 | Asset Acquisition | US | 313 beds | Re‑development
Columbia University has acquired 99 Claremont Avenue in Manhattan from Charney Companies and Criterion Real Estate Capital for $122 million.
Key details
Asset type | Re‑development |
Location | Manhattan, New York, US |
Capacity | 313 beds |
Seller | Charney Companies / Criterion Real Estate Capital |
Buyer | Columbia University |
Value | $122 million |
Source: Columbia Residential
The nine‑storey former McGiffert Hall was acquired vacant by the seller's joint venture in March 2024 and has undergone a comprehensive gut renovation. The completed residence provides 239 rooms and 313 beds, alongside study areas, a fitness centre, communal kitchens and a rooftop lounge and garden.
It will become Columbia's first residence dedicated exclusively to students at the School of General Studies and is scheduled to welcome residents in autumn 2026. The property is a few blocks from the university's Morningside campus, reducing reliance on third‑party off‑campus housing.
Strategic context
For Columbia, the acquisition converts a recently repositioned third‑party asset into institution‑controlled supply for a student group with distinct housing needs. The university gains a ready‑to‑open residence without taking on the original acquisition and redevelopment risk. Dedicated housing close to campus should support retention, access and community‑building for General Studies students.
For Charney and Criterion, the sale crystallises value following a two‑year historic-building repositioning programme.
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