The New York City School Construction Authority has just paid $59 million for the site of a future elementary school in Chelsea.
The first six floors of the former Foundling Hospital at 590 Sixth Ave. will be redeveloped into a K-to-5th grade school, PS 340, slated to open in fall 2014.
The Foundling Hospital will remain in the top of the building. The school deal was part of the redevelopment of the nearby former St. Vincent’s Hospital complex.
The Dept. of Education estimates additional construction costs at $36 million, for a total of $95 million, or $171,428 for each of the 560 students it will serve.
In April, the DOE sparked debate when it disclosed plans to shutter the small but unzoned Tribeca Learning Center, known as PS 150, at Independence Plaza and bus all 188 children to Chelsea.
“Nothing is set,” said DOE spokeswoman Margie Feinberg, adding that boundaries for the Chelsea school are also still in flux.
In regard to schools, Chelsea, Greenwich Village and Tribeca are all underserved.