YU Sells Two Manhattan Buildings; Proceeds to Support Research at Einstein
Yeshiva University recently sold two Manhattan buildings, 920 Broadway Avenue and 9 E. 38th Street, the Commercial Observer reported. 920 Broadway, a 16 story with approximately 110,000 square feet of rentable space was sold for $58.5 million and 9. East 38th Street, a 12 story building with a little less than 95,000 square feet in rentable space, went for $29 million, for a total of $87.5 million between the two transactions.
The sale comes just over a year after the University sold the Schottenstein Cultural Center located at 239 E. 34th Street. The recent sales, a University spokesperson explained, are entirely unrelated to the sale of Schottenstein. While the sale of the Schottenstein Cultural Center, a building that was used for University purposes such as Student Council concerts and Shabbat services, was part of a broader campaign to find cost saving measures, the recent buildings were only recently obtained by the University and were never used for any academic or University purposes. The buildings were part of an estate left specifically to the University’s Albert Einstein College of Medicine, according to the University spokesperson. The buildings were sold at the University’s earliest convenience following the receipt of the estate, and all proceeds will be used to support research projects at Einstein.