Volume 80, Number 52 | May 26 - June 1, 2011
West and East Village, Chelsea, Soho, Noho, Little Italy, Chinatown and Lower East Side, Since 1933
Report: N.Y.U. and New School fuel Village economy
By Albert Amateau
A report commissioned by New York University released last week stated that academic institutions, including N.Y.U. and The New School, make a significant contribution to the economy of Greenwich Village, employing 10,350 people and generating an annual payroll of $611 million.
N.Y.U. released the report on May 17 as the university’s development plan to develop 2.5 million square feet of space in the neighborhood over the next 19 years was beginning its environmental review process.
Andrew Berman, director of the Greenwich Village Society for Historic Preservation and an opponent of N.Y.U.’s expansion in the Village, acknowledged that the university contributes to the economy.
But Berman added, “The real question now is should the N.Y.U. massive proposed expansion be focused on a neighborhood like the Village, which would be overwhelmed and fundamentally changed by it, or would it be wiser for the long-term health of the city to look at the Financial District, which can absorb that kind of massive growth and benefit from the additional people, space and activity it would generate.”
The report, “The Economy of Greenwich Village: A profile,” by Appleseed, an economic and social research consultant, noted that educational institutions, especially N.Y.U. and The New School, are among the leading sources of new private investment in the Village.
In addition, N.Y.U. reports that about 30,000 people spend some time in the Village every spring for commencement, while 15,000 people visit the neighborhood at the end of summer. Last year, N.Y.U. hosted 51,286 prospective students and their families for information sessions and tours, and an additional 4,673 students came through high schools or organizations for tours.