In fiscal 2017, capital expenditures will total $495 million. Sources of funding include:
- Long-term financing for 46% of the total, or $226 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 54%, or $269 million.
The capital budget is used for the following purposes:
- 58% of capital expenditures will be for improvements to, or new construction of, academic facilities
- 12% of capital spending will purchase new, or improve existing, student housing and other facilities that house student services
- 8% of the capital budget will be used to purchase new, and improve existing, faculty housing
- 22% of the capital budget will be used for campus infrastructure, including various information technology infrastructure initiatives.
- Spending for capital maintenance to keep all University buildings in good repair is included in the campus infrastructure category above, and totals $54 million dollars.
Fiscal 2017 Capital Budget
* All parts of New York University other than the NYU Langone Medical Center
181 Mercer Street – Mixed-Use Building
181 Mercer Street is a new mixed-use building to be developed at the site of the former Coles Sports and Recreation Center on Mercer Street between Bleecker and Houston Streets in Manhattan. Nearly 40% of the building’s approximately 735,000 gross square feet will be devoted to academic spaces. Features of the building include:
- NYU’s first professional-level proscenium, fly-loft theatre for student productions. The 350 seat theater will have accompanying ancillary production spaces for set design and construction
- Two additional theaters, also with ancillary production spaces
- 8 studio classrooms
- Music ensemble rooms for general music instruction as well as special ensemble rooms for percussion, harp, and double bass.
- Orchestra Rehearsal Room with ancillary orchestral library
- Private music instruction rooms
- 52 - 56 individual music practice rooms
- 58 general purpose classrooms
- Student housing that will accommodate 415-425 residential beds within a residential college model
- Student study spaces throughout the building
- Roughly 32 to 60 faculty apartments, depending on the mixture of 2-, 3-, 4-bedroom units
- Community and dining facilities that include a public atrium at Bleecker Street; a commons with café; a sky lobby with café and outdoor terrace
- A new athletic and recreation center, including a six-lane pool, a four-court gym with running track, two squash courts and other amenities.
Demolition of the Coles Sports and Recreation building on the 181 Mercer site commenced in October 2016 and will be completed in February 2017, after which excavation and foundation work will commence. Construction is expected to be completed in 2021.
As part of NYU’s commitment to reduce the effects of noise and dust during construction, the University has completed the replacement of windows in 1,300 apartments at Silver Towers and Washington Square Village. Improvements of open spaces in adjacent blocks have also been completed.
370 Jay Street – Mixed-Use Academic Building
NYU’s presence in Brooklyn is the subject of intensive planning. The 370 Jay Street building (492,000 GSF), immediately adjacent to the Tandon School of Engineering and the MetroTech Center, provides opportunities for multiple NYU academic users whose co-location will provide new synergies. 370 Jay will be home to the Center for Urban Science and Progress (“CUSP”), Tandon’s Computer Science Engineering and Electrical and Computer Engineering departments, the programs that comprise the Media and Games Network (MAGNET) including Tisch’s Game Center, Tandon’s Integrated and Digital Media program, Steinhardt’s Educational Communication and Technology program, and Tandon’s Game Innovation Lab along with several other programs being considered, and Tisch’s Clive Davis Institute of Recorded Music. In addition to office space, the building will feature dry research labs, project rooms, a Media Commons providing researchers the ability to do Motion Capture, Virtual Reality, Digital Photography, and Audio analysis; recording studios; a 200 seat auditorium, a significant classroom suite, and several spaces on the lower floors for public interaction as well as a significant retail presence along Jay St. and the adjoining Renaissance Plaza. Occupancy of the building will commence in August 2017, with fully occupancy by August 2018.
726 Broadway – Center for Quantum Physics
The Physics Department currently occupies a total of approximately 57,000 gross square feet in the Meyer Building at 2 Washington Place and 4-6 Washington Place, and is spread out over 9 floors. In addition to Physics, Meyer is home to the Psychology and Neural Science departments, a major Magnetic Resonance Imaging facility and a number of ground floor classrooms. Over the years, the departments’ expansion and research success have created significant compression.
As a result, the Physics department is relocating to the 8th, 9th, and 10th floors of 726 Broadway (99,000 GSF) which will also house the long-planned Center for Quantum Physics (CQP). The CQP will allow NYU to continue to advance its research in the key area of condensed matter physics by attracting leading scientists in the field. At steady state, the Center will be comprised of five new faculty hires, five existing faculty, 8 – 10 post-doctoral fellows and 12 or more doctoral students. The instructional component of Physics will remain in the Meyer Building for the time being. Occupancy of Floors 8 and 9 is scheduled for January, 2017; occupancy of Floor 10 is scheduled for November, 2017.
707 Broadway and 4 Washington Place (Meyer Building) – Neuroscience
With the completion of the new Physics department and research space in 726 Broadway, long-awaited development of Neural Science and Psychology can be undertaken in Meyer Hall. The first phase of renovations covering the 7th floor of 707 Broadway, as well as a new MRI Scanner on the first floor, are in progress and scheduled for completion in Fall 2016. The second phase of work, to take place on the 6th-9th floors of 2-4-6 Washington Place will include 34,700 GSF of research labs and offices for the Center for Neuroscience. The vivarium, which now holds approximately 1,000 animals, including 65 primates, is also planned to be expanded by 5,000 GSF – a 40% increase over its current size. Construction is targeted for winter 2018.
25 West 4th Street Ground Floor
With the relocation of Student Link to the newly renovated 383 Lafayette St. (see below), the ground floor of 25 W. 4th Street is now available for the development of a new Admissions Visitors Center. Admissions presentations will be relocated from the ground floor of Shimkin Hall to this new space with twice as much seat capacity (from 100 to 200) that will be flexibly designed so that the space can be used alternately as function space for receptions, admission fairs, pre-departure study away orientations, etc. The space will also include a number of admissions counselor’s offices and a generous lobby where parents and prospective applicants will congregate while waiting for presentations. Construction is scheduled to commence in December 2016, with completion and occupancy in August 2017.
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.
60 Fifth Avenue (formerly the Forbes Building) – Academic Building
This 8-story building has undergone a gut renovation that restored the building’s historic interior envelope and transformed it for academic use. The ground floor, basement, and second floor contain classrooms including one 90 seat lecture room. The building occupants include the Marron Institute of Urban Management, the Center for Data Science, the Courant Institute of Mathematical Sciences, and other provostial institutes. Full occupancy is scheduled by February 2017.
383 Lafayette Street – Student Services Center
This project includes the gut renovation and façade restoration of the 4 story 383 Lafayette building as well as a ground up addition. The ground floor houses a newly conceptualized Student Link (Registrar, Financial Aid, Bursar, Office of Global Services) that has been relocated from the 25 West 4th Street ground floor. The upper floors accommodate the Admissions Office as well as co-locate the Office of Global Services and the Office of Global Programs. The building was fully occupied as of Fall 2016.