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Columbia’s Manhattanville Project Spurs Investment Activity
Columbia University’s $6.3-billion expansion in Manhattanville is having an impact on real estate prices in surrounding neighborhoods two years out from its anticipated 2020 completion date. Ariel Property Advisors’ Orry Michael reported that “smart money investors are actively acquiring in West Harlem on the periphery of Columbia University’s Manhattanville campus, following the expectation that the university would bring prosperity to the area.”
Michael cited Savanna Fund’s $96-million conversion of the Jewish Theological Seminary, located at 525 West 122nd St., as one example. The project will contain 170 condo units and span approximately 450,000 square feet.
Additionally, Janus Property Company is undertaking a one-million-square-foot redevelopment in the nearby Manhattanville Factory District into “a state of the art business and community district,” he reported.
Looking ahead, Michael wrote,”West Harlem will remain one of the most sought-after markets by investors in New York City.”
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