Cornell University has opted to lease midtown Manhattan space for the purpose of student and alumni networking. The institution will be taking three floors at 45 W. 57th St., totally 4,000 square feet.
The Ithaca-based Ivy League establishment will occupy the second, fourth, and fifth floors of the seven-story building for 22 months, with an option for renewal. Priced at $60 per square foot, Cornell’s graduate school of management, school of hotel administration, college of business, and school of applied economics and management, as well as other academic branches. The space will act as a bridge between campuses and a beacon for the engineering campus being built on Roosevelt Island. Next month, Cornell will begin its occupancy by using the space for events.
“We see a strong presence in New York City as essential for enhancing our relationships with our alumni, corporate partners, and other key stakeholders,” said Soumitra Dutta, dean of the Cornell College of Business, according to Crain’s New York. “The space will also provide an excellent platform venue for our faculty and students to take advantage of the unique resources of New York City.”
The property is owned by the U.S. subsidiary of a Turkish real estate development and investment company, Sedesco Inc.. The development firm’s general counsel, Derek Gilchrist said the relationship between Sedesco and Cornell was a close one, and it came about organically when following Cornell’s Roosevelt Island. As soon as space became available, the two entities hashed details about to establish an outpost in Manhattan.