-Albachiaraa- via iStockPhoto
Vanderbilt University recently acquired 13 buildings and 150,000 square feet of property in Chelsea, NYC via a 99-year lease with the General Theological Seminary. Chancellor Diermeier announced that this space will be part of an expansion plan across a number of states and countries to expand opportunities for Vanderbilt students, faculty, alumni, and supporters. Another goal of this expansion into NYC is to benefit the city and neighborhood. Making a commitment of this magnitude is exciting and the possible opportunities are almost limitless. Students might be able to use this space to explore new career opportunities, explore a new city, and expand connections. Given the opportunity and the fact that the use case is yet to be defined, some interesting questions come to mind like “why NYC?” and “how might the space be used for students, faculty, alumni, and the community?”
Why New York City?
NYC, considered one of the most important and influential cities in the world, offers numerous possibilities, in terms of research, occupations, and chances to explore one’s options and opportunities to current students, families, and alumni. NYC is home to some of the most prestigious research centers and business corporations in the United States. Furthermore, a large proportion of Vanderbilt alumni currently live in NYC (7,800), and many current students come from NYC (740). So, although it is a flight away from Nashville, NYC offers a highly relevant location for a lot of students and alumni.
Chelsea is also a prime location since it is in the center of Manhattan. It is a vibrant neighborhood with lots of art and historical significance. Being the center for art gallery installations, only adds to Chelsea’s appeal. Because of this neighborhood’s transformation into one of the cultural hubs of New York City, it has become a prime location for real estate, and has had more and more appeal towards companies and individuals looking to buy properties. So, because of the cultural vibrance, neighborhood, and number of research centers and business opportunities, New York City is an extremely well chosen location for Vanderbilt’s expansion plans.
How Will This Property be Used?
Vanderbilt administrators are still developing ideas on how this property will ultimately be used. Vanderbilt put together a committee of eight professors and administrators to work on plans for this property. The goal for this project is to increase the university’s presence in NYC and ultimately worldwide. One could imagine how career services could sponsor programming to connect students with job opportunities at New York based firms, or how Vanderbilt might use it as a center to keep local families and alumni connected to what’s happening at Vanderbilt. Of course, the space might also offer opportunities for education programs, and community engagement among students. Also, as was previously mentioned, New York City is a hub for research centers and the arts. Therefore, this property will likely provide the opportunity for a range of research, artistic partnerships, and opportunities, given the location’s proximity to some of the most outstanding businesses and art institutions. This New York City property is potentially just the start of Vanderbilt’s ambition to expand. The university has also recently purchased a property in Palm Beach, FL and other areas, reflecting the university’s goal of expanding, providing opportunities, and building its global brand.
Concluding Thoughts
Vanderbilt’s expansion into NYC will be extremely exciting to the many students and alumni that live in the New York area. Not only can this property potentially provide opportunities for work, research, the arts, and education, but it will also allow students and alumni to explore a fun area of the city. Since Chelsea is filled with wonderful restaurants, art galleries, and sightseeing activities, it will be a great way for individuals to immerse themselves in both the city and the Vanderbilt community.
