The New York Institute of Technology (NYIT) is selling its building at 1855 Broadway, The Real Deal first reported. They’re reportedly seeking between $80 and $100 million for the building, which they have owned since 1975.
The building stands 12 stories and measures 78,000 square feet. It’s unclear whether the future owner is most likely to convert 1855 Broadway to a residential building, create a mixed-use property, or maintain it as an office building. It is currently zoned for both office and residential use.
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Located on 61st Street, NYIT’s building is surrounded by a few other new and upcoming developments:
- The Park Loggia at 15 West 61st Street – a new condo which has recently launched sales. 15 West 61st Street is the residential address of 1865 Broadway, where a new Target is scheduled to open this year.
- 1841 Broadway – an upcoming 173-unit residential project on the corner of 60th Street.
Sources told The Real Deal that NYIT – which is based in Old Westbury, Long Island – recently decided to investment more in their Long Island campus by selling their Upper West Side building.
Only time will tell if this will become another luxury condo.
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