Cuomo looks to sell CUNY property to fill budget gap

170K sf building at 450 West 41st St. houses Hunter’s fine arts program

New York /
Jan.January 19, 2017 09:00 AM

Governor Andrew Cuomo wants to sell a 170,000-square-foot building used by the City University of New York in Hell’s Kitchen to help “offset” a reduction in CUNY funding in his proposed budget.

The six-story building at 450 West 41st Street, between Ninth and 10th avenues, is used to house Hunter College’s Master of Fine Arts program, Politico reported.

Cuomo wants to sell the property in order to help offset a 5.2-percent reduction in state funding in his preliminary budget for CUNY’s senior colleges, from $1.21 billion in fiscal year 2017 to $1.14 billion in fiscal year 2018, a reduction of $63 million.

If the state sells the building, as much as $60 million of the sale’s proceeds could go to senior colleges, provided that they “shall reduce the state’s net operating expense liability … in an equal amount.”

“The expected sale of certain CUNY capital assets will result in available resources to partially offset State support for CUNY,” according to the governor’s financial plan.

The property sits next to Covenant House New York, a shelter for homeless youth that the New York City Economic Development Corporation proposed to sell to developers last spring.

Gary Barnett’s TRData LogoTINY 52-story, 478-unit rental building at 555 10th Avenue sits across the street. [Politico]Rich Bockmann

 

Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)
Owners of some residential properties can’t hide behind LLCs anymore
Owners of some residential properties can’t hide behind LLCs anymore
Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)
Landlords take another hit: Cuomo signs expanded Loft Law
Landlords take another hit: Cuomo signs expanded Loft Law
Governor Andrew Cuomo (Credit: Getty Images)
Cuomo wants to exempt NYC from prevailing wage bill
Cuomo wants to exempt NYC from prevailing wage bill
Joseph Tabak, Gary Barnett and Robert Gans with 617 11th Avenue, 603 West 45th Street, 533 West 27th Street (LinkedIn, Robert's Skeathouse, Google Maps, Getty)
Extell, Tabak poised to take over prized Hell’s Kitchen parcel
Extell, Tabak poised to take over prized Hell’s Kitchen parcel
Manhattan Community Board 4 chairperson Jeffrey LeFrancois and 550 West 20th Street (Getty, Google Maps)
Meet the community board calling for more housing
Meet the community board calling for more housing
From left: Empire Capital Holdings founding partner Josh Rahmani, Invesco CEO Martin Flanagan, and 550 West 54th Street (Getty, Empire Capital Holdings, Invesco, StreetEasy)
Empire Capital to buy Invesco’s piece of Mercedes House for $100M+
Empire Capital to buy Invesco’s piece of Mercedes House for $100M+
Invesco's Marty Flanagan and 550 West 54th Street (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Invesco, Douglas Elliman)
Invesco moves to boot penthouse tenant at Mercedes House
Invesco moves to boot penthouse tenant at Mercedes House
A photo illustration of 515 Ninth Avenue (Getty, Google Maps)
Heng Sang looks to sell Midtown West luxury residences
Heng Sang looks to sell Midtown West luxury residences
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...