The Real Deal New York

NYC higher ed to invest nearly $10B in construction, upgrades

Spending during five-year period through 2017 continues current pace

September 17, 2014 11:40AM

From left: Cornell Tech rendering and NYU College of Nursing at 433 First Avenue rendering

From left: Cornell Tech rendering and NYU College of Nursing at 433 First Avenue rendering

Colleges and universities in New York City are projected to spend nearly $10 billion on new construction and renovations during a five-year period, according to a new report from the New York Building Congress.

The Building Congress forecasts $9.85 billion in construction spending between fiscal years 2013 and 2017. That spending would fall in line with the nearly $2 billion invested by the city’s higher education insituions on capital projects between 2010 and 2012.

Among the largest projects in the works are Cornell Tech, the Ithaca-based university’s ground-up, 2.1 million-square-foot science and engineering outpost scheduled to open on Roosevelt Island in 2017.

New York University has 14 major construction projects that will get under way during the five-year period, while the City University of New York has 11 projects it expects to push through the pipeline. Columbia University is also undergoing a 6.8 million-square-foot expansion in Manhattanville. – Tom DiChristopher

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