NYU Issues $593M in DASNY Bonds for Major Projects

The $593 million issued by DASNY on behalf of NYU was offered as a $349-million tax-exempt series and a $244-million taxable series.

181 Mercer St. will include dozens of new classrooms; spaces for performing arts education, training, and rehearsals; student and faculty housing and a replacement sports and recreation facility.

NEW YORK CITY—New York University has issued a total of $593 million in bonds through the Dormitory Authority of the State of New York for several of its major projects here.

The bond issuance was announced by DASNY today. A total of $316 million in proceeds will go to the construction of a mixed-use building at 181 Mercer St., which will include dozens of new classrooms; spaces for performing arts education, training, and rehearsals; student and faculty housing and a replacement sports and recreation facility.

The $593 million issued by DASNY on behalf of NYU was offered as a $349-million tax-exempt series and a $244-million taxable series.

“These bonds are funding projects that are keenly needed now and vital to NYU’s academic future: additional classrooms, performance practice spaces, laboratories, housing, university-life spaces, and upgrades to existing facilities,” says NYU EVP Martin Dorph. “This is an investment in sustaining NYU’s academic excellence and trajectory.”

Additional proceeds will go toward the construction of a new 350,000-square-foot science center at 435 East 30th St. The property will house an advanced medical research facility for NYU’s School of Medicine.

“DASNY’s long-standing collaboration with NYU has formed the bedrock of the rising research corridor in the heart of Manhattan,” says DASNY president and CEP Dr. Gerrard P. Bushell, “Important projects like this are essential to maintaining the stature, attractiveness and competitiveness of the state.”

Other university system upgrades include: upgrades to the university’s high-efficiency natural gas-fired co-generation plant to improve energy efficiency and accommodate increased electricity, heating, and cooling needs. The co-generation plant substantially reduced NYU’s carbon footprint when it first came on line in 2011, the university states.

Another initiative involves improvements to academic facilities at 6 MetroTech Center in Brooklyn for the Tandon School of Engineering.