NYU Langone replaces $217M in bonds on Kips Bay hospital properties

The new bonds total $157.3 million
June 10, 2016 12:00PM

Rendering of new science building nearby Tisch Hospital

Rendering of new science building nearby Tisch Hospital

Bank of New York Mellon has once again replaced state revenue bonds on three NYU Langone Medical Center-owned properties in Kips Bay.

The bank replaced the original $217 million in 2006A bonds with $157.3 million in Series 2016A bonds, according to the Commercial Observer. The bonds were issued for three properties: 433 East 30th Street, 302 Second Avenue and 156-160 East 34th Street.

The bank most recently replaced $77 million in Series 2007B bonds on the properties with Series 2014 bonds.

Proceeds from the bonds were intended, in part, to fund new construction and major renovations at the medical center’s campus, according to NYU’s previous financial statements.

The properties at 156-160 East 34th Street and 302 Second Avenue are outpatient centers for NYU Langone.

A new 10-story research center, which will include a 365,000-square-foot laboratory — is planned for 433 East 30th Street. The new facility will be nearby the Helen L. and Martin S. Kimmel Pavilion at Tisch Hospital, which is under construction. The pavilion will be an 830,000-square-foot in-patient center and is slated to open in 2018. [CO]Kathryn Brenzel