NYU will take over a 1.1 million-square-foot office space located at 770 Broadway, directly above Wegmans Astor Place, to expand its programming in science and technology.
University spokesperson John Beckman said in a statement to WSN that the location was chosen for its proximity to other NYU buildings. The site is less than a 10-minute walk from the Silver Center and the Brown Building, both of which house most of the university’s laboratory facilities.
“770 Broadway is an exciting and important development, critical to fulfilling NYU’s bold aspirations in science and tech,” Beckman said. “We look forward to finalizing this transaction and then sharing more about our plans.”
Under its lease with Vornado Realty Trust, NYU will pay a portion of the $700 million loan upfront and rent the space on an annual basis. Steve Roth, CEO of the real estate company Vornado Realty Trust, had said that he expects negotiations with the university to close in January. Roth also said that without the advanced payment, the space averages around $100 per square foot — slightly above Manhattan’s median price. NYU will not have the option to buy the building until the 30th and 70th year of the lease.
Students and staff who use the building will share the space with Meta, the parent company of Facebook and Instagram, which has downsized its presence but will continue to lease around 500,000 square feet of the office space.
NYU ranks as one of Manhattan’s largest owners of private property, surpassed only by Columbia University. Its property in the borough consists of 95 addresses that have a combined value of nearly $2.5 billion — making it the city’s wealthiest private landowner.
The university has been pushing new STEM-related initiatives for several years. The most recent purchase comes after the university pledged to invest $1 billion in its current engineering facilities and faculty at the Tandon School of Engineering, which include the 3 MetroTech Center — a 10-story, 350,000-square-foot building in Brooklyn. NYU is also expanding its College of Arts & Science into a new site at 25 W. Fourth St., set to open next semester.
Contact Kaitlyn Sze Tu at [email protected].
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