NYU is currently looking to expand its facilities by six million gross sf for housing and academic facilities and has mentioned that the Polytechnic campus is on its radar as a potential area for remote growth. As GlobeSt.com recently reported at a Association of Real Estate Women's luncheon, Lynne Brown, SVP for University Relations and Public Affairs at NYU, told attendees that one of the areas they were looking for space included the Downtown Brooklyn MetroTech campus among other locations.
Polytechnic's MetroTech campus is located in Downtown Brooklyn; however, it also has graduate centers in Long Island, Westchester and Manhattan. Although Polytechnic and NYU sources could not respond to queries by deadline, an anonymous industry source tells GlobeSt.com that "should the merger go through, it would relieve some of NYU's space issues in Manhattan. However, someone attending NYU--and paying its tuition--would typically not be interested in traveling to Brooklyn, so it will not be an answer to a lot of their space needs issues."
In 2004, merger talks failed because Polytech felt there were not enough mutual benefits. "Poly was just out of a bad series of years financially, and there were declining enrollments," he said. "The discussion was not between equals--it was about how to save Poly. It felt imbalanced."
NYU Provost David Mclaughlin says in a prepared statement that "the 'due diligence' process--which involves the careful review of all pertinent financial and operational information--is continuing. …A final key step is the review of the proposed merger by the New York State Board of Regents later this spring. We hope that the Regents view the proposed merger positively, and we respectfully ask them to consider the strong support for this merger that exists among the trustees, faculty, and students at both institutions and to consider the beneficial impact it will have not only on NYU and Poly but on our state and city, providing--as the Center for an Urban Future noted in its report a few months ago--'the critical spark' for strengthening the city's reputation as a world center for science and technology."
Polytechnic board chairman Craig Matthews says in a prepared statement that "this momentous affiliation will make New York a leading technological center for innovation, entrepreneurship and economic growth. It will yield huge benefits for faculty by increasing research and collaboration, and will expand interdisciplinary resources and programs for our students globally."
Polytechnic president Jerry Hultin says in a prepared statement that "our Polytechnic community--the faculty, students, staff and alumni--is very excited about the new opportunities this dynamic partnership will provide. This perfect fit between two great universities will preserve and enhance Polytechnic's commitment to top-tier technology education and research, to the economic vitality of New York City and to our students' ability to compete in the 21st century global economy."
NYU Plans 2031 will provide a strategic framework to guide NYU as it seeks to locate approximately six million sf over the next 25 years, as GlobeSt.com previously reported. The premise of NYU Plans 2031 is that NYU would like to utilize its existing properties as efficiently and strategically as possible in order to limit its need for additional space.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
