The capital budget provides funding for the University’s physical facilities and information technology infrastructure.
In fiscal 2016, capital expenditures will total $702 million. Sources of funding include:
- Long-term financing for 67% of the total, or $472 million. The University’s ability to finance its capital program is facilitated by NYU’s strong financial position, as recognized by ratings on NYU’s general obligation unsecured debt from Moody’s and S&P of Aa3 and AA-, respectively.
- Philanthropy, government grants, previously funded capital project accounts, and transfers from operating budgets make up the remaining 33%, or $230 million.
The capital budget is used for the following purposes:
- 46% of capital expenditures will be for improvements to, or new construction of, academic facilities.
- 6% of capital spending will purchase new, or improve existing, student housing and other facilities that house student services.
- 4% of the capital budget will be used to purchase new, and improve existing, faculty housing.
- 44% of the capital budget will be used for campus infrastructure, including various information technology infrastructure initiatives. Note: The Coles site project (see further details below) is included entirely in this category. Once complete, the redeveloped Coles site will be a mixed-use facility, with investments having been made across all four categories listed here.
*All parts of the University other than the NYU Langone Medical Center (i.e., the School of Medicine and the Hospitals)
370 Jay Street
Design and engineering work for the full renovation and fit-out of 370 Jay Street in Brooklyn is underway. Construction began in February 2015; occupancy is anticipated by Fall 2017. The building, which is adjacent to the NYU Tandon School of Engineering, will be the new home of the Center for Urban Science and Progress (CUSP) and other academic units of the University.
181 Mercer Street
A new building will be developed at the site of the current Coles Sports and Recreation Center on Mercer Street between Bleecker and Houston streets in Manhattan. The new building will help sustain NYU’s academic momentum by providing additional space for various instructional, performing arts, residential and athletic purposes. Based on the recommendations of the faculty-led University Space Priorities Working Group, the building, which is still in design, will include:
- Approximately 70-80 classrooms
- One 350 seat proscenium theater, three smaller theaters, several studio classrooms, as well as other specialized academic spaces for the performing arts
- Residence halls to accommodate up to 475 freshman students, as well as dedicated spaces for study and student-life activities
- Housing for roughly 60-70 NYU faculty families
- A new athletic and recreation center, including a gym space designed to facilitate public assembly for university convocations and for use during emergency situations
The new building will also fulfill a range of commitments made to the city as part of the Project's approval process.
Faculty of Arts and Science
An upgrade and renovation of laboratories, offices and administrative spaces at 726-730 Broadway will support growth and enhancement for Physics research and instruction. The project is expected to be completed and the space to be fully occupied by Spring 2017. Various floors in Meyer Hall are being renovated for the benefit of the Center for Neural Science.
60 Fifth Avenue
Full renovation of 60 Fifth Avenue (formerly the Forbes Building) commenced in February 2015. The 125,000 square foot building, which the University purchased in 2010, will become a new academic center with the basement and ground floor dedicated to classrooms and student lounge space, while the upper floors will be dedicated to academic offices. The project’s completion is expected by Fall 2016.
Student Services Center
Full renovation of 383 Lafayette Street commenced in February 2015; occupancy is expected in Summer 2016. The program for the building includes full renovation, and expansion onto the adjoining vacant lot to the east. Upon completion, the building will house “Student Link”, a student service center for in-person registrar, bursar, financial aid, housing, and dining services on the ground floor. The Office of Global Programs and Services providing students, faculty, and scholars in-bound and out-bound advisement, services, and visa support along with academic advisement for study away and the Office of Admissions that supports applicants and prospective students to the University will also be located in the building.
Tandon School of Engineering
A project is underway to construct new wet research labs for the Department of Chemical and Biological Engineering (CBE) on the 8th Floor and the Department of Mechanical and Aeronautical Engineering (M/Aero) on the 6th floor of Rogers Hall in Brooklyn. The project includes major infrastructure upgrades and window replacements to modernize the building, as well as a new clean room to support research activities in advanced materials. The project’s completion is expected in Spring 2016. A separate project, to construct a “maker space” for engineering students on the ground floor of Rogers Hall, is expected to be completed in the Fall of 2016. The space will include 3D printer fabrication equipment and a core set of tools that includes basic electronics equipment, a laser cutter, a router and a milling machine.
Various Capital Maintenance Projects
These projects include repairs to building facades, roof replacements, installation of sprinklers, replacement and upgrades of HVAC systems, sidewalk replacements, etc.
Ongoing implementation of new University-wide administrative systems, continued expansion of the NYU wireless networks, and new technology investments to ensure the successful support of student and faculty mobility across NYU’s campuses worldwide.