Negotiations for the new space, located at 16 W. 61st. St., were handled by GVA Williams on both sides of the transaction. Edward T. Brock represented the tenant, while Robert Getreu and Alexander Jinishian represented building owner 16 Lincoln Square Associates. Details of the lease have not been released.
"The possibility of taking this space arose last spring and the trustees and I recognized it as an opportunity," says NYIT president Edward Guiliano. "Its proximity to our current buildings is ideal." Guiliano adds that the school went into the deal knowing "the first few years will be costly," but notes, "we believe the investment will puickly prove to be worth it in terms of the educational, customer service, enrollment and image benefits."
NYIT has taken six floors in the building and will install the School of Engineering and Technology and the School of Management in the new space. "The floor size, ceiling height and natural light on the upper floors are well suited for the architecture and television studios and faculty offices planned for the space," says GVA's Brock.
Initial occupancy of the 61st Street space will occur by June and continue until January 2003 as space plans and buildouts are completed. The expansion will enable NYIT to build a digital library on the lower floors of its 1855 Broadway building, which is adjacent to the new facility.
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