Funding Physical Facilities and Information Technology Infrastructure

The capital budget funds the University's physical facilities and information technology infrastructure. The budget focuses on completing building enhancement, conversion, and new construction initiatives (detailed below), in addition to campus infrastructure projects, routine maintenance, and capital replacement, as well as IT investments.

The capital budget of $648 million in fiscal 2024 is used for the following purposes:

  • 42% or $274 million for capital upgrades, improvement to student housing and dining facilities, faculty housing units, and sustainability initiatives 
  • 38% or $243 million of capital spending for improvements to, or new construction of, academic facilities
  • 9% or $61 million for capital replacement that includes annual investment in campus facilities to ensure NYU's buildings are maintained in a state of good repair 
  • 6% or $40 million of the capital budget for miscellaneous school and administrative-unit capital projects
  • 5% or $30 million for information technology and IT infrastructure

The capital budget will be funded from the following sources:

  • Long-term financing accounts for 45%, or $290 million. The University's ability to finance its capital program with debt is linked to the market access afforded by NYU's credit profile and independent credit ratings from Moody's and S&P of Aa2 and A.A.-, respectively.
  • Philanthropy, government grants, and transfers from operating surpluses make up the remaining 55%, or $358 million.

Fiscal Year 2024 Capital Budget

$648 million

Fiscal Year 24 Capital Expenses by Major Categories of Use

Fiscal 2024 Capital Budget Data and Pie Chart

Major Projects Funded in the Fiscal 2024 Capital Budget

Paulson Center – Mixed-Use Building

The John A. Paulson Center at 181 Mercer Street is a new mixed-use building that opened for spring term 2023. The approximately 745,000 square foot building includes spaces for instruction (58 classrooms and a variety of active and quiet student study spaces throughout); teaching theaters and practice rooms with supporting areas for Tisch and Steinhardt's performing arts programs; a 350-seat proscenium theater and required ancillary spaces; student housing that accommodates 415 beds within a residential college model and new dining facilities; 42 faculty apartments; a new athletic and recreation center, including a four-court gym space designed to accommodate large functions with up to 2,700 persons in a convocation setting; and outdoor public areas including Toddler Park, the Greene Street Walk, and Bleecker Street seating.

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Chemical Biology – Silver Complex and 25 West 4th Street

Projects are underway to significantly enhance and expand Chemical Biology in Arts and Sciences across three core areas: Cancer Chemical Biology, Chemical Neuroscience, and Molecular Spectroscopy & Imaging. Highly collaborative and interdisciplinary, Chemical Biology is a rapidly growing and wide-ranging field of study at the interface of chemistry and biology that employs chemical techniques to understand complex biologic systems at the molecular level. Once complete, the multi-year renovations will have added and improved approximately 97,000 square feet of laboratory, academic, and departmental administrative space across four buildings in NYU's science core. Fiscal 2024 funded projects include:

  • Silver Building Floors 9/10:  renovation of approximately 30,000 SF to provide Chemical Biology research lab facilities. The renovation will provide 42 eight-foot fume hoods with the capacity for future expansion, instrumentation labs, tissue culture rooms, BioSafety Level 2 labs, cold rooms, microscopy rooms, lab support space, offices, and workstations for graduate students. The project is expected to be awarded a minimum of LEED Silver design toward NYU's sustainability goals. Completion is expected in Summer 2024. 
  • 25 W 4th Street:  An associated project that enables the changes at the Silver Building will result in the renovation of 25 West 4th Street for the College of Arts and Sciences Dean’s Office, other administrative offices, advising operations, space for student meetings, and space for the affiliated University Learning Center. Ultimately, ~44,500 GSF will be updated on floors 2 - 6 and the building lobby. The project is targeting LEED Gold. The estimated completion timeframe is Summer 2024.

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Tandon School of Engineering Capital Plan

Tandon's 352,000-square-foot Rogers Hall houses several Tandon departments, including Chemical and Biomedical Engineering ("CBE" and "BME" respectively), Civil and Urban Engineering ("CUE"), and Mechanical and Aerospace Engineering ("MAE") as well as many shared classrooms and teaching lab spaces. The initial phase of Rogers Hall's work included extensive infrastructure upgrades, with later phases focusing on the modernization of research and teaching labs and faculty offices. In Fall 2024, the University will bring 27,000 SF of new CBE and BME research laboratories online, consisting of flexible researcher benches, grad and Ph.D. student write-up space, faculty offices, and conference room space. Subsequent projects will be phased by floor and department, with various completion and occupancy dates over the next several years. At the plan's conclusion, nearly every Tandon faculty office, laboratory, and classroom in Rogers Hall will be new or renovated.

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Rubin Hall Dormitory Renovation

Gut renovation of the 680-bed student dormitory at 35 Fifth Ave commenced in May 2023. The project will install new windows, plumbing, electrical systems and HVAC, fire alarms, and make façade and roof repairs. All student suites and staff apartments will receive updated bathrooms, kitchens, and finishes with improved ADA accessibility. The new HVAC and domestic hot water systems will be sustainably designed. The estimated completion is August 2024.

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Goddard Hall Renovation

This project will repurpose the decommissioned Goddard Hall dormitory at 79-80 Washington Square East for academic use by the Faculty of Arts & Sciences in time for the Fall 2024 term. The project will gut renovate floors 2-7 and the lobby to convert the building into academic space (approximately 48,000 SF). Scope includes infrastructure upgrades (new roof, mechanical systems, and windows) and sustainability design for enhanced energy savings.

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NYU Global / New Academic Center for London

The University recently purchased a property in London at 265 Strand to establish a new, expanded academic center to serve as NYU's flagship site in Europe. The property sits at a prominent location adjacent to the London School of Economics and Royal Courts of Justice, very near to King's College and the City of London. 265 Strand will allow the University to exit its current leased space at 4-6 Bedford Square and double its inventory of classroom seats in London. NYU London will occupy the lower five floors of the building for nearly 46,000 SF.  The renovations will create up to 18 general-purpose classrooms, a 96-person multi-purpose room, a 63-person lecture theater, student-focused study, and social spaces, as well as administrative and faculty office suites. The estimated completion of the renovation is scheduled for late Summer 2024.

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Wagner School Renovation

This project will re-purpose three floors of 105 E. 17th Street to create new headquarters for The Robert F. Wagner Graduate School of Public Service.  Approximately 36,000 SF will be renovated to provide faculty and administrative offices, designated classrooms, and a conference center for the School.

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Various Capital Infrastructure Projects

These projects include repairs to building facades, roof replacements, replacement and upgrades of HVAC systems, sidewalk replacements, information technology networks, etc.

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