DASNY Issues $863M in Bonds for NYU Projects
The proceeds from the Green Bond issuance will help finance sustainable construction projects and equipment at NYU’s 181 Mercer St., 370 Jay St., and the Langone Health Science Building.
NEW YORK CITY—The New York State Dormitory Authority has issued a total of $862.8 million in bond financing to fund construction and renovations projects at New York University properties in Manhattan and Brooklyn, including initiatives geared at reducing the university’s carbon footprint.
The bond financing issued by DASNY on behalf of NYU consisted of offerings of $603.5 million in tax-exempt bonds and $259.3 million in taxable bonds. The financing also included more than $83 million in Green Bonds. The financing will be used in conjunction with previous financings to advance construction and renovation projects throughout the university system.
The proceeds from the Green Bond issuance will help finance sustainable construction projects and equipment at NYU’s 181 Mercer St., 370 Jay St., and the Langone Health Science Building.
“We are excited to have the opportunity to continue our long-standing partnership with New York University,” said Dr. Bushell. “In working to reduce the university system’s carbon footprint, we are creating more sustainable communities and helping support Governor Cuomo’s vision for a cleaner, greener New York.”
The proceeds of the issuance will be used to pay for the construction and equipping 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 construction at 181 Mercer St. will incorporate a variety of sustainable design features such as: connecting to the university’s high-efficiency, green-house gas and pollutant-lowering co-generation facility. The project will also include green roofs and outdoor terraces with low irrigation plants to help naturally cool the building, with a retention tank to manage rainwater runoff.
Green Bonds will also fund the conversion of 370 Jay St. into an innovation hub for engineering, applied and urban sciences and digital technology and media arts. The plan calls for restoring the existing façade of the building using high-performance, energy efficient windows, and preserving the neighborhood’s aesthetic character, while significantly reducing the building’s energy footprint, DASNY states.
The bond proceeds will also fund the construction and equipping of the Langone Health Science Building in New York City, incorporating various green design strategies such as external glass louvers on the south façade to mitigate direct sun and glare, a light-colored roof and paving stones along with vegetated terraces to also reduce energy load and mitigate urban heat island effect and high efficiency lab equipment.
Last year, NYU made a commitment that all new building construction earn LEED silver designation at a minimum.
“NYU plans to be carbon neutral by 2040,” says Cecil Scheib, the university’s assistant vice president for sustainability. “With DASNY’s support to make sustainable capital projects cost effective here in New York State, NYU can make the most of each construction opportunity.”
The remainder of the Series 2019 bonds financed other projects, including: upgrades to the university’s co-generation plant to improve energy efficiency and accommodate increased electricity, heating, and cooling needs related to expansion; upgrades to infrastructure and renovations at 404 Lafayette St. and 708 Broadway; improvements to academic facilities in Brooklyn for the Tandon School of Engineering and renovations and equipping of space for use by the university’s Chemical Biology Department at the Silver Complex in Manhattan.