The new building that was acquired last September and can’t be used for another decade has cost the school $153 million, school officials told a real estate news outlet.
Despite the multi-million dollar cost, the investment is meant to save the school money in the long-run, according to President David Van Zandt.
In an email sent by Van Zandt on Sept. 12, he mentioned a building had been purchased by The New School, but wouldn’t be used for another decade. At the time of the report, the exact amount had not yet been released since the purchase hadn’t fully closed.
As of January, the school finally acquired the five-story building for $153 million, The Real Deal reported. It is located on 34-42 W. 14th St., and extends back to 39 W. 13th St.
At the fall town hall on Sept. 29, Van Zandt said that they were still trying to figure out what they were going to use it for. He said that it was a way for the school to keep looking into the future. “I think that’s our responsibility, to look into the future and make those sorts of decisions for the future students down the road,” he said.
The school won’t be moving in for a decade because of current tenants who have long term leases.
According to The Real Deal, New School’s chief operating officer, Tokumbo Shobowale said, “as leases expire, we will turn the building into a place for teaching and learning on our campus,” but did not specify what exactly that would look like.
Current tenants include Harvest Collegiate High School, the Legacy School for Integrated Studies, Party City, sporting-goods store JackRabbit, New York Sports Club, and advertising company Outbrain.
In the email to faculty, staff, and the entire student body Van Zandt said that the building will increase the percentage of “university-owned real estate” which he said plays a role in reducing the amount of rent the school would be paying on other buildings.
Photo by Julia Himmel
Odalis is a senior studying Journalism + Design at Lang and the social media manager of The New School Free Press. She spends time watching all of the TV shows and likes to yell about them to her friends, and occasionally writes about it. She is originally from Puerto Rico but calls Miami home (#Miss305) and is very passionate about Cuban food, empanadas, and the salsa dancing emoji.
