Yeshiva University plans to establish a new, state-of-the-art health sciences campus inside Herald Center, sources told Realty Check. What insiders described as a 32-year leasehold condominium purchase restores the mixed-use property across from Macy’s to 100% fully occupied.
Sources said YU will have 160,000 square feet on Herald Center’s floors 5-9 as well as parts of the ground floor and mezzanine — a significant addition to its Midtown footprint.
The deal couldn’t come at a better time for landlord JEMB Realty Corporation, headed by Morris Bailey and Joseph L. Jerome, which needed a new tenant to replace ASA College following its move-out 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 at the retail level.
JEMB didn’t respond to requests to confirm the deal or comment. Yeshiva president Rabbi Dr. Ari Berman called its new location “an expression of our strategic growth as leaders in healthcare education.”
Brightly-lit Herald Center occupies the site of an E.J. Korvette department store that was converted into a retail mall in the early 1980s.