Prudential Mortgage Capital Company originated a $161.3 million Freddie Mac loan to refinance a New York University dormitory in Tribeca owned by Corigin Real Estate Group, according to the borrower and lender.
The 10-year deal, which closed on Feb. 2, contains a $51.3 million gap mortgage, according to the loan documents. The new debt replaces a $110 million mortgage securitized by Bank of America in 2005.
For a moment there, it appeared as if three mammoth university construction projects slated for New York City might never get on the rails. New York University’s 2-million-square-foot expansion in Greenwich Village got tied up in court over the use of park areas during construction, until an appeals court this past October ruled in the school’s favor. Columbia University’s planned 6.8-million-square-foot campus in Manhattanville also faced legal hurdles before the U.S. Supreme Court in 2010 allowed the school to take over property in the blighted community in West Harlem. Finally, Ithaca-based Cornell University is developing the 700,000-square-foot Cornell Tech, an engineering school that will occupy the southern end of Roosevelt Island. That project initially drew the ire of pro-Palestine protestors because of its affiliation with an Israeli university called Technion-Israel Institute of Technology.
Now that all three developments are moving forward, Commercial Observer examines what the projects mean for New York City’s real estate landscape.
Jay Furman, the real estate developer who helped found the Furman Center for Real Estate and Urban Policy at New York University, died on Jan. 4, according to a statement from the Furman Center. He was 72.
Mr. Furman, who owned properties in the U.S. and Puerto Rico through his RD Management, had battled lung cancer, according to a report from the New York Times.
New York University, one of the largest landowners in the city, has added two more downtown buildings to its portfolio: 404 Lafayette Street and 708 Broadway.
The connected properties, located in the Noho Historic District, were purchased for $157 million and are both currently vacant. Together, the buildings have roughly 151,000 square feet.
A panel of judges in the State Supreme Court’s Appellate Division today reversed a previous ruling that put large portions of New York University’s contentious $6 billion 2031 expansion plan on hold. The appellate decision takes issue with Judge Donna Mills’ January finding that four Greenwich Village parcels, which the city had previously turned over to NYU, constituted “implied” parkland and thus could not be ceded (“alienated,” in legal parlance), to the university without a vote in the state legislature. Judge Mills’ ruling gave the go-ahead to the university for only one of four planned buildings—which had become the target of a lawsuit filed by Assemblywoman Deborah Glick, Community Board 2, local residents and the Greenwich Village Society for Historic Preservation (GVSHP), among others—while pumping the proverbial brakes on the other three.
A week before the city and opponents of New York University’s 1.9-million-square-foot expansion plans in Greenwich Village will make oral arguments in court, NYU President John Sexton reaffirmed the vision behind the four buildings of classrooms, offices and dorms slated for a site bound by LaGuardia Place, Houston Street, Mercer Street and West 3rd Street south of Washington Square Park.
Manhattan State Supreme Court Judge Donna Mills ruled in January that part of the university’s designs for the two “superblocks” require approval from the State Legislature due to its use of land currently occupied by playgrounds and open spaces that have, in effect, become public parks.
New York University has announced plans to turn 370 Jay Street in Downtown Brooklyn into an academic center for engineering and applied sciences programs, the school announced today.
The 500,000 square foot, 14-story building will house NYU’s Center for Urban Science and Progress, or CUSP, on the top three floors and the university’s entrepreneurial incubators on the third floor, along with classrooms and office space on the remaining floors, according to a release from NYU.
Barry’s Bootcamp has begun construction on its third New York City group fitness center after signing a 10-year, 8,000-square-foot lease at 419 Lafayette Street, Commercial Observer has learned.
The space will become the company’s largest New York City location. Smack in the center of NoHo, it gives the gym easy access to New York University students and a range of development that has foot traffic that has helped revolutionize the area in recent years.
The Air Up There
The unexamined life, as we all know, is not worth living. What, then, of the unquantified life? An existence that does not feed into a data set, whose lessons can only be gleaned via subjective analysis?
Well, in any case, that won’t be a concern for those planning to relocate to Hudson Yards. New York University has announced that it is teaming up with Related Companies and Oxford Properties Group to “measure and analyze key physical and environmental attributes at Hudson Yards,” a move that they say will help the nascent neighborhood to run as efficiently as possible when it comes to residential, retail, office and public space. And it will be boon to Related, which will be better able to manage its properties with expert feedback, and also, of course, to NYU, which will get a nice data set to work with.
During the 1970s fiscal crisis, the city acquired significant quantities of property by way of owner abandonment and tax foreclosure, which it used in subsequent decades to subsidize affordable housing development. Virtually none of that land remains available today, however, and as we recently noted, the now-stratospheric cost of privately held land poses myriad obstacles to new affordable housing production, particularly in neighborhoods with good public schools, ready access to transportation and employment centers.
A group of professors at New York University’s Polytechnic Institute are receiving a special research award from Google.
NYU-Poly computer science and engineering professor Juliana Freire and research assistant professor Thanasis Korakis research were among the 100 university engineers and scientists worldwide recognized for their talent and work in big data and improving home wireless performance.
New York University‘s Polytechnic Institute is getting a boost to its broadband research.
Time Warner Cable announced it will support NYU-Poly through a $1.6 million commitment to New York City’s Media Lab.
The American arm of Tokyo-based advertising giant Dentsu, Inc. has signed a 10-year lease for an additional 36,845 square feet across the entire 20th floor at 32 Avenue of the Americas, sources tell The Commercial Observer.
The expansion brings Dentsu’s occupancy to almost 220,000 square feet at the 27-story Tribeca skyscraper, following what sources described as Read More
Arts and Buildings
The Natural Resources Defense Council and New York University will partner to develop benchmarks for commercial tenants’ energy performance.
If successful, the partnership—formed by NYU’s Center for Urban Science and Progress and the Natural Resources Defense Council’s Center for Market Innovation—will help save businesses money and energy, officials said last week.
Ownership at 650 Fifth Avenue has launched a partnership with New York University in the form of “New York Through My Eyes,” a running digital photography exhibit in the building’s lobby that will feature photos by six photography students.
T. Lawrence Wheatman, a professor of photography at NYU’s School of Continuing Professional Studies, handpicked the Read More