Nyack College, a Christian college anchored in the Upstate town with which it shares its name, will double the size of its Manhattan campus when it relocates next month, brokers told The Commercial Observer.
The college signed a 20-year, 166,385-square-foot lease at 2 Washington Street in Lower Manhattan near Battery Park City. The lease includes an option to extend its lease to 2042. Asking rent was $36 per square foot.
“We are seeing the resurgence of Downtown,” said Gerry Miovski, a senior vice president at CBRE who represented the school. “We’ve seen ‘live, work and play’—now we see learn; we’ve added that fourth dimension to the growth of Downtown.”
Nyack College will occupy the space starting May 1, though a partial move of some graduate programs has already taken place. The school is relocating from 361 Broadway.
“The college is experiencing significant growth,” said Mr. Miovski. “This is a doubling of their footprint. The location was chosen because of excellent transportation and access to the park.”
Negotiations for the lease stretched close to two years, according to Jeff Gural, chairman at Newmark Grubb Knight Frank. Some of the delay was caused by damage from Superstorm Sandy.
“Fortunately, Nyack has been very patient and very good to work with,” Mr. Gural said. “They agreed to allow us to get the work done.”
Nyack College’s Manhattan campus is largely commuter-based, serving approximately 1,400 undergraduate and graduate students. The school also operates a 125-acre residential campus in Nyack, NY.
Mr. Miovski and Christopher Mansfield, senior vice president, represented Nyack College in the transaction. Mr. Gural and Adam Leshowitz, managing director, of NGKF, represented the landlord, a partnership between Newmark Holdings and The Moinian Group.