Negotiations Continue for NYU Takeover of 370 Jay

Crain’s reports that NYU’s proposal to turn Downtown Brooklyn’s 370 Jay Street into a tech-oriented grad school has a decent chance of happening. According to the article, the city, which owns the building, and the MTA, which has a long-term lease on the property, are in favor of the university’s plans. The deal hinges upon upon the MTA getting a buyout offer that makes financial sense in terms of uprooting “vital communications equipment” from the building, and the price tag is said to be in the $50-$60 million ballpark. Although the extent to which the city would be able to help NYU financially in terms of the acquisition is unclear, a spokesman for the school says NYU is “optimistic about a good outcome.”
NYU Nears Deal on Tech Campus [Crain’s]