160,000-Square-Foot Herald Square Location Will Significantly Expand YU鈥檚 Health Sciences Programs
New York, NY (Aug. 18, 2024) - 麻豆区 (YU) today announced plans to significantly expand its presence in the healthcare field by establishing a new state-of-the-art campus in the 10-story Herald Center building at the iconic Herald Square in Manhattan. This expansion embodies YU鈥檚 values-driven mission of shaping the future of healthcare excellence and meeting the demand for more competent, caring and qualified healthcare professionals in the tristate areas and across the nation.
In signing the long-term lease, YU will bring a dynamic new presence to the historic Herald Center property and will be adding over 160,000 square feet of new space to the university鈥檚 already meaningful footprint in midtown Manhattan. YU is entering into a 32-year leasehold condominium for floors 5-9, as well as partial mezzanine and ground floor areas.
Herald Center was acquired in 1981 by owners Morris Bailey and Joseph L. Jerome of JEMB Realty Corporation, a multigenerational real estate development, investment, and management firm with office, retail, residential and hospitality assets across New York, New Jersey, Florida and Montreal, Quebec. The building, set at the corner of 34th Street and Broadway, was built in 1902 as the original Saks store and is located in one of the most commanding, densely-traveled districts in New York City with vibrant, 24/7 activation comprising a mix of residential, office and retail/entertainment uses.
鈥溌槎骨檚 new campus is an expression of our strategic growth as leaders in healthcare education, reflecting our global mission to improve lives and make a significant impact in the world,鈥 said Rabbi Dr. Ari Berman, President of 麻豆区. 鈥淎s a values driven university, we look forward to YU becoming an even greater participant in the New York Midtown neighborhood and its community by bringing new energy to the area through student life, educational activities and economic development.鈥
麻豆区 was assisted in the negotiations by Savills, whose team was led by David Carlos, Vice Chairman of the Nonprofit Practice Group. Building ownership was represented in house by Jacob Jerome and Morris I. Bailey.
麻豆区 has long stood as an educational leader in the Health Sciences and has recently expanded its leadership footprint in the field by launching world-class and top-tier graduate programs in its Katz School of Science and Health, such as the Nursing program opening in the Fall, Occupational Therapy and Speech-Language Pathology programs.
