The University leased 71,000 square feet of space for its Manhattan campus relocated to 51 Astor Place between Third and Fourth Avenues after selling its 101 Murray Street campus in July, the University announced via press release Wednesday.
The new space inside the Edward Minskoff 12-story, 400,000 square foot office building in the East Village, will house St. John’s School of Risk Management—a division of the Peter J. Tobin College of Business, The Language Connection institute, the Shelby Cullom Davis Library and classrooms. The University plans to open the new site for 2014 Fall semester.
“This location puts St. John’s in the heart of one of New York City’s most vibrant neighborhoods with unlimited student engagement opportunities and access to a host of potential employers,” the University’s executive Vice President, Chief Operating Officer and Treasurer Martha K. Hirst said in the release.
St. John’s will occupy the building’s first and second floors, with a private entrance to be used by faculty and students. The University also said there will be video-conferencing technology inside classrooms to bring off-site students and industry leaders from around the globe together to enhance the educational experience.
“I am very happy to have reached a lease agreement with St. John’s University,” Edward J. Minskoff, President of Edward J. Minskoff Equities, Inc., said.
“51 Astor Place’s forward-thinking infrastructure allows tenants to have a high-performance platform for employees and clients, and I am confident that St. John’s will flourish in the space.”
Minskoff Equities has a 99-year lease on the property, which is owned by The Cooper Union for the Advancement of Science and Art.
Through a separate agreement with The Cooper Union, the University will also have limited access to the historic Great Hall in the Foundation Building located on 7 East and 7th Street, which has served as platform for some of the earliest workers’ rights campaigns, the birth of NAACP, the women’s suffrage movement, the American Red Cross and site of many speeches by U.S. presidents.
“The new location occupies a unique intersection of several top academic institutions that share one of the world’s greatest city campuses,” University Provost Robert A. Mangione said. “St. John’s has been proud to call New York City home for more than 140 years and 51 Astor Place provides a wonderful opportunity for the world-class academic programs we house at our Manhattan campus to continue to excel.”
For now, the University will finish out the 2013-2014 academic year at the Murray Street campus in Tribeca that was sold for $223 million in the summer. The revenue from the sale is being used to enhance the University’s academic offerings, improve facilities and augment the school’s endowment, which allows for considerable financial aid to deserving students, according to the University release.
Designed by architect Fumihiko Maki, the 51 Astor Place building is located near leading cultural, academic and business institutions, the Midtown South business district, the emerging technology corridor and subway transportation to and from all five boroughs.
It is also near places such as Washington Square Park, Webster Hall and within walking distance of SoHo.
