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Private schools use extra credit for expansion; Cheap money backs creative projects.(Special Report: Commercial Real Estate)

Crain's New York Business

| January 12, 2004 | COPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: stan luxenberg

In the basement of the Calhoun School, music students work to master the baritone saxophone and clarinet, while upstairs, workers with sledgehammers pound away.

The contrasting sounds are all part of a typical day at the private school, located at West End Avenue and West 81st Street, where four floors are being added atop the five-story structure.

"It might have been simpler just to move,'' says Sylvia Smith, an architect for Fox & Fowle Architects who is working on the Calhoun project. "But fixing the current site was the only strategy that seemed financially feasible.''

Calhoun's students aren't the only ones …

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