The sale of the former Melrose School in the town of Southeast, New York, to the nonprofit Copland House is paving the way for what’s billed as a transformation that will create a new community hub for musicians and other artists.
Copland, named after famed American composer Aaron Copland with a mission to further America’s music heritage, plans to use the 37,000-square-foot campus, which includes office suites, meeting rooms, classrooms, a private residence, a gym, an auditorium, a commercial kitchen and several residence quarters across some 20 acres, for various musical and cultural programs.
“An electrifying new era begins at Copland House,” the nonprofit says on its website, describing the deal as the “purchase of vast property of deep potential” that will lead to a “transformative expansion.”
The Putnam County, New York, deal won the CoStar Impact Award for sale of the year for Westchester and Southern Connecticut, as judged by real estate professionals familiar with the market.
About the Deal: Copland bought the property, located at 100-120 Federal Hill Road, for $3 million, or $81 per square foot, from the Community of the Holy Spirit, which operated the Melrose School for 40 years. The school was said to have closed more than a decade ago, hurt by declining attendance and increased costs.
What the Judges Said: “The acquisition comes with a promise to give back to the surrounding community by offering musical and cultural events in a rural part of New York state,” said Cameron LaPoint, professor of finance at Yale University.
They Made It Happen: Brokerage firm Houlihan Lawrence’s Garry Klein, Stacey Cronin, Steven Salomone and Tom LaPerch facilitated this transaction on behalf of the seller.
CoStar Market Manager Jim Filler contributed to this report.