Regarding Proposed Development South of Wilf Campus
Dear Members of the YU Community,
Along with numerous other not-for-profit and for-profit entities, Yeshiva University has embarked on a strategic effort to take advantage of what experts say is one of the best real estate development opportunities in the New York City market in years. Specifically, the University will be selling the development rights for a currently under-developed site located south of the Wilf Campus. According to Real Estate Committee Chairman and University Trustee Joshua Muss of Muss Development, “If we didn’t take advantage of this opportunity, we would not be meeting our fiduciary responsibilities to the University.” The proposed arrangement will still leave substantial space for any future development and use by YU.
NGKF Capital Markets, one of the world’s leading commercial real estate advisory firms, has been selected as the exclusive broker of the property. They will begin the process of marketing this exceptional site, with views of mid-town Manhattan and the Harlem River, and with easy access to the Harlem River Parkway, I-95, the George Washington Bridge, and subway and bus lines. NGKF will help us identify a developer, who we anticipate will construct a residential apartment building of up to 400,000 square feet. The University hopes to complete a transaction by the end of the calendar year.
The sites are 2461, 2465 and 2475 Amsterdam Avenue: A vacant 24-unit apartment building, and parking Lots D (surface lot) and E (two-story garage). It does not include the ICON garage.
As an anchor of Washington Heights community for over a century and its largest employer, we are excited to facilitate fresh and significant investment in the growth and success of our neighborhood. With new construction and additional housing, we can help ensure its vitality, and ours, for many years to come.
Richard M. Joel
Bravmann Family University Professor