NYU Buys Hebrew Union College’s NoHo Campus for $76M

New York University is expanding its campus in NoHo.

NYU has purchased the property at 1 West Fourth Street, home to Hebrew Union College – Jewish Institute of Religion, from Hebrew Union College for $75.5 million, according to city records made public Monday.

Andrew Rehfeld, president of Hebrew Union College, signed for the seller, records show. It’s unclear who signed for the buyer.

The sale comes as Hebrew Union College announced it is purchasing a new building in Manhattan “as part of its efforts to plan for the future by significantly improving its facilities,” according to a release.

“At Hebrew Union College, our academic and institutional needs have changed from what they were almost fifty years ago when we decided to build at our current location,” Rehfeld said in a statement.

“We are thrilled to have come to this agreement with NYU, our neighbor and collaborator, that enables both institutions to better serve our educational missions,” Rehfeld added. “Our goal is for our physical spaces to be inviting and inspiring, reflecting the majesty and sacred purpose of our work.”

JLL (JLL)’s David Carlos brokered the deal. A spokesperson for JLL did not immediately respond to a request for comment.

NYU is taking back ownership of the property between Broadway and Mercer Street, which it sold to Hebrew Union College in 1978, property records show. The red brick building is about three blocks east of Washington Square Park, in the neighborhood where most NYU buildings are located.

Under the new agreement, Hebrew Union College — which also has campuses in Los Angeles, Cincinnati and Jerusalem — will continue to use the location as its New York City campus until construction is complete on its new building in 2027, the release said.

Once Hebrew Union College leaves the building, NYU said it has plans to use the site for classrooms and potentially a center for education programming, according to the release.

“We are very glad that Hebrew Union College reached out to us, and very pleased to partner with them to create a win-win proposition,” NYU President Linda Mills said in a statement. “Hebrew Union College will carry on its important mission in an excellent, new facility, and the West Fourth Street location will continue to be part of New York’s higher learning landscape, as it has for the last 46 years.”

NYU has been picking up several properties in the neighborhood lately, including a 12-story student housing development at 35 Cooper Square. The college bought that property from Bhatia Development and Sherwood Equities in August for $69.2 million, as Commercial Observer previously reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.