Nashville’s Vanderbilt University has signed a 99-year lease on a 2.2-acre campus property in the Chelsea section of Manhattan.
The campus, which takes up nearly a full city block and encompasses 13 buildings spanning approximately 150,000 square feet, is owned by The General Theological Seminary, an Episcopal educational institution that began in 1817.
The financial aspects of the lease were not released. The Wall Street Journal reported the property is valued at more than $100 million but carries more than $32 million in deferred maintenance needs, adding the seminary has “experienced financial pressure for decades, and previously sold some property to developers.”
Vanderbilt established a regional administrative hub in New York City last year as a collaboration of Development and Alumni Relations, the Office of Career Advancement and Education, and the Office of Enrollment Affairs. The staff at the hub engages with alumni, prospective students and corporate partners – more than 7,800 alumni and 740 current students live in the New York metro area – and the university intends for the Chelsea campus to serve as the hub’s new home base.
“Establishing a presence in New York City offers unparalleled opportunities for our students and faculty to engage with the world’s leading industries and institutions,” said C. Cybele Raver, provost and vice chancellor for academic affairs. “By deepening our connection to one of the world’s most influential and dynamic cities, we are positioning Vanderbilt to advance cutting-edge research, foster transformative educational experiences and create lasting global impact.”
Photo courtesy of The General Theological Seminary
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