NYU Drops $500M Into Brooklyn Real Estate
370 Jay St
NYU is planning to invest $500M in expanding its high-tech campuses in Brooklyn.
The investment will happen over the next decade and will add to the school’s presence in the borough, which includes the Tandon School of Engineering in Downtown Brooklyn, the New York Daily News reports.
The engineering school will get an additional 500k SF when NYU redevelops the former MTA HQ at 370 Jay St. That space is due to open this summer and classes will be held there starting in the fall semester.
NYU has a 99-year ground lease for the Jay Street building, obtained through former mayor Michael Bloomberg’s Applied Sciences NYC program. The new building will be the university’s largest space in Brooklyn and will serve 1,100 students and 40 faculty members.
A $100M chunk of the $500M investment is courtesy of the engineering school’s namesake philanthropist couple, Chandrika and Ranjan Tandon. [NYDN]
