NYU will move into the Hebrew Union College’s building at 1 W. Fourth St. in 2027, after purchasing the space for $75.5 million last week.

Proceeds from the university’s purchase will go toward procuring and renovating HUC’s new Manhattan location, which college President Andrew Rehfeld said was the next step in supporting academic and institutional needs. The two institutions will continue current collaborative efforts, including shared libraries and cross-school course offerings

“We are very glad that Hebrew Union College reached out to us, and very pleased to partner with them to create a win-win proposition,” NYU President Linda Mills said in a Jan. 30 press release. “Hebrew Union College will carry on its important mission in an excellent, new facility, and the West Fourth Street location will continue to be part of New York’s higher learning landscape, as it has for the last 46 years.”

Once NYU moves into the HUC’s Greenwich Village building “sometime in 2027,” it will be used for classrooms and potentially for executive education programming, a style of short-term course for people interested in business. The site is across the street from NYU’s new CAS building, Department of Economics and the Courant Institute of Mathematical Sciences.

HUC bought the building from NYU in 1978, and it has been the center for HUC’s New York City operations since. The college has around 400 full-time students and also has locations in Cincinnati, Los Angeles and Jerusalem.

“We are thrilled to have come to this agreement with NYU, our neighbor and collaborator, that enables both institutions to better serve our educational missions,” Rehfeld said in a press release.

NYU ranks as one of Manhattan’s largest private property owners, owning 115 buildings over 14 million square feet — surpassed only by Columbia University, which owns over 245 buildings. Politicians and students have criticized both universities, which collectively save more than $327 million in property taxes annually.

Other properties recently purchased by NYU include 400 Lafayette St. in 2023, 3 MetroTech Center in 2022 and office space at 770 Broadway in November.

HUC and NYU Hillel did not respond to requests for comments.

Contact Juan Hanes at [email protected].