Yeshiva University has announced its plans to expand in the healthcare field by creating a new campus at Herald Center, located in Manhattan’s bustling Herald Square. This expansion will add over 160,000 square feet to the university’s presence in Midtown Manhattan. The university has entered into a 32-year leasehold condominium for floors 5-9, as well as parts of the mezzanine and ground floor.
Herald Center was originally acquired by Morris Bailey and Joseph L. Jerome of JEMB Realty Corporation in 1981. This multigenerational real estate development and management firm is responsible for overseeing this iconic building at the corner of Broadway and West 34th Street, which was first built in 1902 as Saks’ flagship store.
Savills played an integral role in assisting Yeshiva University with these negotiations through their Nonprofit Practice Group led by Vice Chairman David Carlos. Building ownership was represented internally by Jacob Jerome and Morris I.Bailey.
