New York City’s 105 colleges and universities will invest $9.85 billion in construction of new and improved academic facilities between 2013 and 2017, according to a report released this morning by the New York Building Congress at an event at New York University.
The city’s colleges, graduate schools, professional schools and medical schools, a group that, at 534,710 students, commands a total enrollment that’s larger than the population of Atlanta, will provide an economic boon that’s more than double the $4.2 billion the higher education sector spent on 463 construction projects over the previous five years, the report by the group that promotes the design, construction and real estate industry says.
It Takes a Village
New York University, a real estate investor that doubles as an institution of higher learning, is continuing to expand its holdings. But the latest land grab is for a good cause, at least: to renovate medical facilities.
Earlier this week, the school’s hospital closed a $150 million mortgage from TD Bank to buy out its long-term leasehold interest at 333 East 38th Street and pay for renovations at two university facilities, an NYU Hospital Centers representative confirmed to Mortgage Observer.
NYU’s expansion plan suffered a setback on Tuesday when Manhattan Supreme Court Justice Donna Mills ruled that some aspects of the plan—which would add 2 million square feet to the university’s Greenwich Village campus—involve the alienation of public parkland and therefore require approval from the state legislature. The question is just how much of a setback the ruling will prove. Read More
Wisconsin-based food concept 5oz Factory has inked a deal for a location in the village. The restaurant, which combines frozen custard and cheese melts and has been in the works for a couple of years, is coming to Manhattan, officials told The Commercial Observer.
Dr. Nilesh Patel has signed for a new office at 20 East 46th Street.
The ear, nose, and throat medical specialist will be taking a 2,514-square-foot office on the eighth floor of Extell Development‘s 20 East 46th Street in Midtown. The lease, signed for 10 years, will consolidate his practices in Queens and Manhattan into Read More
The New York Genome Center has completed a deal to take 150,000 square feet at 101 Avenue of the Americas, sources involved in the transaction have revealed to The Commercial Observer.
The center, which was founded through a partnership of several large medical and academic institutions, will be a biotech, data storage and genetic sequencing facility.
Purple People Eaters
Fleet of foot, with a concentration on maintaining its focus on community banking and an ownership mentality, M&T Bank’s performance during the financial crisis might give competitors pause. Now, with May 2011’s acquisition of Wilmington Trust, the bank is branching out, providing high-wealth owners of real estate in New York and elsewhere with wealth management and services.
In New York, the bank’s real estate portfolio has grown significantly over the past few years. Executives cited, between 2009 and 2011, an increase of $1.1 billion—up to $5.6 billion.
Nearly a year ago, N.Y.U. unveiled its expansion plan for the next 25 years, which would add 6 million square to the university–already the third-largest landowner in the city, behind the Catholic Church and Columbia. The plan was met with immediate outcry from the Greenwich Village community–which had worked for years to help Read More
New York real estaters met at NYU’s Schack Institute on Wednesday morning for a brief breakfast forum on construction ethics. While the mafia wasn’t represented—possibly because of the mass arrests last month—their presence could’ve gone a long way to help filling up the empty seats.
“Here at New York University we’re trying to instill Read More
Purple People Eaters
Murray Hill, home of frat boys, basement bars and falafel stands, seems ripe for an NYU invasion. The school’s medical center just snapped up a condo for $8.95 million at 303 East 33rd Street, close to First Avenue and the NYU Langone Medical Center.
The sale hit public records yesterday evening, and will give Read More
We’ve had fights for midtown’s skyline and downtown. Now, let the battle for the Village’s commence.
Earlier today, New York University filed plans with the Landmarks Preservation Commission for the Grimshaw-designed fourth tower at I.M. Pei’s Silver Towers site, the centerpiece of the campus’ 2030 expansion plan. After sweet talking locals for Read More