NYU Adds Two Noho Properties to its Portfolio
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.
The lease was signed last week.
According to a press release issued by NYU, part of 404 Lafayette will be used for the campus’ fitness and recreation needs as Jerome S. Coles Sports and Recreation Center, one of the school’s gyms, undergoes construction. Following this renovation, 404 Lafayette will be used for academic purposes.
An NYU spokeswoman said that while “there isn’t a precise timetable [for NYU to move into the space],” the lower floors’ use in temporarily serving as a fitness and recreation center will commence when the Coles facility closes. However, work on 404 Lafayette will start before then.
The NYU Local reported that 404 Lafayette was recently home to a Crunch gym.
“In both the near and long term, this building will be important for meeting NYU’s space needs,” said John Beckman, NYU’s vice president for public affairs, in a prepared statement.