The New School
U3A’s New York office was engaged by The New School in 2008 to help the University consider development options for its valuable site located on the corner of Fifth Avenue and 14th Street—and to analyze a proposal for a mixed-use development it had received from a private developer. U3A ultimately assisted the University to select and enter into a transaction with the developer and then served as project coordinator throughout the project’s pre-development.
Working closely with an internal team and a committee of Trustees, U3A developed a detailed analytic model to assess project costs and schedule, financing structure, debt covenants, operating budget impact, and consequences for the University’s portfolio of owned and leased space. U3A looked at the site’s potential value for retail and market rate residential development, and recommended potential transaction structures. Ultimately, U3A analyzed more than a dozen options, helping The New School find the best balance between new space for academic growth, affordability, and the preservation of unused development rights for future growth. U3A assisted the University to negotiate with its developer partner, and benchmarked the proposed terms of the development and construction management agreements in the marketplace. Finally, U3A assisted New School administrators in securing faculty and Board support for the recommended option of building a mixed-use project utilizing The Durst Organization as a fee developer.
U3A served as project coordinator over a two year period for the 365,000 square-foot University Center building, which includes an auditorium, library, and teaching and student amenity space, together with a 600-bed dormitory. U3A assisted The New School and a number of internal committees to manage the project’s programming, design, cash flow projections, and community outreach. The University Center project broke ground in fall 2010 and opened the residential facility in August of 2013 and academic facility in January of 2014.