Yeshiva University plans to develop a new state-of-the-art health sciences campus at the Herald Center, officials told Realty Check, and the condo purchase, under a 32-year lease, will bring the mixed-use property across from Macy’s back to 100% full occupancy, according to officials.
YU will occupy 160,000 square feet of space on floors five through ninth of the Herald Center, as well as parts of the first floor and mezzanine, significantly expanding its footprint in Midtown, according to sources.
The deal couldn’t have come at a better time for landlord JEMB Realty Corporation, led by Morris Bailey and Joseph L. Jerome, which needed a new tenant to replace ASA College after it vacates the site in 2022.
The 10-story, 250,000-square-foot building at 1293 Broadway between West 33rd and West 34th Streets is home to a huge H&M store, Bank of America and Verizon retail outlets.
JEMB did not respond to requests to confirm the deal or for comment. Yeshiva Rector Rabbi Ari Berman called the new facility “a sign of our strategic growth as a leader in medical education.”
The brightly lit Herald Center sits on the former site of E.J. Corbett’s department store, which was converted into a shopping mall in the early 1980s.
