Progressive Private School Goes Bankrupt, UWS Building Now Up for Sale by Real Estate Broker Bob Knakal

Manhattan Country School, a well-known private school on the Upper West Side, has recently filed for bankruptcy and is now selling its building at 150 West 85th Street. According to bankruptcy documents reported by PincusCo, the schoolhouse was appraised at $39 million in 2021 by KTR Real Estate Partners. Albert Togut, the bankruptcy trustee for the building's owner, has enlisted the help of commercial real estate broker Bob Knakal from BKREA to sell the property.

"It's a beautiful building [that] I hope [...] will be purchased by someone who will use it in a way that will continue the legacy of the school," Togut told The Real Deal.

The bankruptcy filing comes after several years of financial struggles for the school. In 2019, Manhattan Country School faced a $50,000 lawsuit from a former teacher for wrongful termination. In the same year, the school also received a $4.5 million loan from the city's Economic Development Corporation, which was meant to help fund a new building for the school, but ultimately fell through.

While the bankruptcy filing may come as a shock to many, it is not uncommon for private schools to face financial challenges. In recent years, several other private schools in New York City have also filed for bankruptcy or closed down due to financial issues.

As for the fate of the building, broker Bob Knakal believes it will attract a lot of interest from developers and investors due to its prime location on the Upper West Side. He also noted that the building has air rights that could potentially add