The new building will be named 101 Tribeca.
The existing structure - built in 1983 - sits on a 31,028 square-foot footprint that affords the partnership maximum design flexibilities in order to build a residential tower.
The underlying zoning provides no height restriction, and allows for the development of a residential building totaling more than 430,000 square feet.
Rising to approximately 950 feet, 101 Tribeca will be taller than 30 Park Place and 56 Leonard Street in height -- making it the tallest residential building in Lower Manhattan.
The new skyscraper also will rank as the third tallest building in downtown, behind 1,776-foot One World Trade Center and 977-foot 150 Greenwich Street.
While no completion date has been announced, the university is in the process of vacating the existing 10-story building, paving the way for demolition. Lower Manhattan continues to evolve at a record-setting pace, and the $223 million price highlights how the city's soaring condo market has prompted developers to pay big for parcels on which to build.
Steven Witkoff, chairman of The Witkoff Group, says, “The partnership of Witkoff and Fisher Brothers is helping to redefine Downtown Manhattan, one of the fastest-growing areas in New York City. We believe 101 Murray will be another highly sought-after destination.”
St. John’s Tobin College of Business and School of Risk Management, the Global Studies language programs, and other academic courses which had been housed at 101 Murray Street will move to St. John’s new Astor Place campus this fall.
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