Leasing Begins at The School House at 371 in Manhattan

Residential brokerage firm Modern Spaces has announced that it has kicked off the leasing campaign for the The School House at 371—the former home of P.S. 12 elementary school—in Manhattan’s Lower East Side neighborhood.

CourtyardNew York—Residential brokerage firm Modern Spaces has announced that it has kicked off the leasing campaign for the The School House at 371—the former home of P.S. 12 elementary school—in Manhattan’s Lower East Side neighborhood. The project’s developer, Thomas Sung, purchased the property for $535,000 in 1983 at a public auction and had initially tried to reposition the building for luxury condominiums before opting to offer the units as rentals.

“We are excited to launch leasing on this distinctive residential property,” says Eric Benaim, CEO and president of Modern Spaces. “It has a great history and we are thrilled to have worked with Thomas Sung to take it to the next level. We think that creative, forward-thinking New Yorkers will be attracted to the spacious homes and will appreciate the diversity and energy of the neighborhood.”

BedroomThe building’s mix of one- and two-bedroom, loft-style apartments, boasts ceilings of up to 14 feet and an amenities package that includes an Olympic-sized swimming pool, a 2,515-square-foot resident’s lounge area, two outdoor courtyards. The building also features a doorman and onsite laundry facilities. Rents start at $2,900 a month.

Located at 371 Madison Street, the building also offers residents close proximity to the F Train and several major bus routes, as well as the Williamsburg Bridge, the walking and running path adjacent the East River and an assortment of some of Manhattan’s best shopping, dining and nightlife venues.

The School House at 371 is Urban Pace’s first offering in Manhattan, though the company has had success with 15 other rental and condominium projects in Queens and Brooklyn.

“We are proud to be entrusted with this property,” Benaim says. “We’ve had an office in Manhattan’s Chelsea neighborhood since 2013 and we have a strong grasp of all markets in New York that attract young, professional renters and buyers. We are confident that The School House will be well received.”