Capital Budget
Funding Physical Facilities and Information Technology Infrastructure
The capital budget provides funding for the University's physical facilities and information technology infrastructure. The budget focuses on completing priority initiatives (detailed below) and prioritizing campus infrastructure and required I.T. investments.
In fiscal year 2023, budgeted capital expenditures total $551 million. Sources of funding include:
- Long-term debt financing accounts for 52% of the total, or $286 million. The University's ability to finance its capital program is facilitated by NYU's market access, as recognized by ratings on NYU's general obligation unsecured debt from Moody's and S&P of Aa2 and A.A.-, respectively.
- Philanthropy, government grants, and transfers from operating budgets make up the remaining 48%, or $265 million.
The uses of the capital budget are:
- 34% or $186 million of capital spending will be for improvements to and/or new construction of academic facilities
- 38% or $211 million will be for capital upgrades and improvement, including various academic projects, student housing and dining facilities, faculty housing, and sustainability
- 23% or $125 million will be for capital replacement projects that include annual investment in campus facility state of good repair and information technology and infrastructure
- 5% or $30 million will be for miscellaneous school and administrative-unit capital projects
Selection of Major Projects Funded in the Fiscal Year 2023 Capital Budget
181 Mercer Street – Mixed-Use Building
181 Mercer Street is a new mixed-use building under construction at the site of the former Coles Sports and Recreation Center on Mercer Street between Bleecker and Houston Streets in Manhattan. The building, which is approximately 745,000 square feet, will include the following spaces:
- 58 general purpose classrooms and a variety of active and quiet student study spaces throughout the building
- A 350-seat proscenium theater designed for both Tisch and Steinhardt's needs with required ancillary spaces
- Teaching theaters and practice rooms with supporting spaces for Tisch and Steinhardt's performing arts programs
- Student housing that will accommodate approximately 415 beds within a residential college model and a new dining facility
- 42 faculty apartments
- A new athletic and recreation center, including a gym space designed to accommodate large functions with up to 2,700 persons in a convocation setting
The building will represent design excellence while achieving the academic and programmatic goals of the University. The previous Coles building was closed in February 2016, and the building was demolished. The building exterior and shell work are completed. Core and fit-out work continues to progress. The new facility is expected to be open for the Spring term of 2023.
Chemical Biology – Silver Complex and 25 West 4th Street
Plans are underway to significantly enhance and expand Chemical Biology in the Faculty of Arts and Sciences across three core areas: Cancer Chemical Biology, Chemical Neuroscience, and Molecular Spectroscopy and 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 for Chemical Biology will have added and improved approximately 115,000 square feet of laboratory, academic and departmental administrative space across four buildings in NYU's science core. Fiscal year 2023 funded projects include:
- Silver Building Floors 9/10: Renovation of approximately 30,000 SF on the 9th and 10th floors to provide Chemical Biology research lab facilities. The renovation will provide 42 eight-foot fume hoods with 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. New HVAC, electrical, plumbing, and lighting provisions to meet LEED Silver certification will be provided. The estimated completion is Spring 2024.
- 25 West 4th Street: Renovation of approximately 43,000 SF on floors 2 through 6 in addition to the building lobby to provide the new home for the College of Arts and Science (CAS), which is relocating from Silver floors 9 and 10 to accommodate the planned Chemical Biology labs. The building will house CAS's administrative offices, extensive advising operations, space for student meetings, and space for the affiliated University Learning Center. The project is intended to meet NYU's sustainability goals and achieve a minimum of LEED Silver. The estimated completion is Summer 2024.
Tandon School of Engineering Capital Plan
Tandon's 352,000-square-foot Rogers Hall houses several of Tandon's departments, including Chemical and Biomedical Engineering, Civil and Urban Engineering, and Mechanical and Aerospace Engineering. The building also contains many classrooms and teaching lab spaces. The initial phase of work included extensive infrastructure upgrades, with later phases focusing on the modernization of research and teaching labs and faculty offices, including in the area of Biomedical Engineering. By the conclusion of construction, nearly every Tandon faculty office, laboratory, and classroom in Rogers Hall will be new or renovated. Projects will be phased in by floor and department, with various completion and occupancy dates over the following years.
Rubin Hall Dormitory Renovation
Gut renovation of the 680-bed student dormitory at 35 Fifth Ave will commence 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.
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.