Dear Students, Faculty, and Staff:

We have recently made substantial progress toward a new and better future for New York Institute of Technology—a future in which we will provide richer, more inclusive environments that enable us to create the best experiences possible for New York Tech students.

Regarding the New York City campus, at this time, we have entered into a contract for the sale of our properties at 1849 and 1855 Broadway. The closing on this sale will take place on August 30, 2021. As soon as we identify our new site in either lower Manhattan or Queens, ideally by December 2019, we will begin fitting it out for our needs. Then, in the summer of 2021, we will move into the new space so that classes can begin in September. The proceeds from this sale will be added to New York Tech's endowment. That is to say, it will not be spent but rather invested accordingly. In today's economic climate, it is best to conserve cash, invest, and borrow at historically low interest rates.

We also have the go-ahead for an issuance of $75 million in bonds in the last quarter of this year or in the first quarter of next year. This will be combined with approximately $25 million in capital that we will have accrued through savings over the last several years, as well as by the land sales being finalized at the site of our former Central Islip campus. At over $95 million, these funds will be used to build the Campus Commons at the Long Island campus and to outfit space at our new NYC location.

We hope to break ground on the Campus Commons in late spring 2020. Then, there will be a next phase of development when we construct a new building for the School of Health Professions (also at the Long Island campus) so that its programs may grow. In addition, we will renovate the academic quad, as well as establish new spaces for the School of Architecture and Design on Long Island and in NYC.

Starting this week, a group of colleagues, including staff and faculty (Associate Professor Frances Campani, Associate Professor Michael Hosenfeld, Senior Director of Facilities Operations Bill Marchand, Director of Academic Technology Services Laurie Harvey, College of Arts and Sciences Dean Dan Quigley, Provost and VP for Academic Affairs Junius Gonzales, and VP for Strategic Communications and External Affairs Nada Anid), will visit potential new sites in Queens and lower Manhattan with representatives from Newmark Knight Frank, a real estate services firm.

Throughout this process, I would like to reiterate some key points as they relate to our NYC campus:

• There are no planned closures of undergraduate or graduate programs; in fact, we anticipate growing current programs and adding new programs over time.
• The monies generated by the sale will be invested in New York Tech's endowment and used for the future growth of the institution; the cash proceeds of the sale are not needed for our day-to-day operations and will not be used for that purpose, nor will the proceeds of the bond issue be used for anything other than facilities.
• For the new NYC location, we are seeking between 150,000 and 200,000 square feet of "rentable space" (meaning the area that we pay for, as opposed to "assignable space," which is the space that can be used) with high spatial efficiency. Significant investments will be made at the site to make it attractive, modern, highly functional, and accommodating to students, staff, and faculty—again, our strategy is to focus on growth.
• We will retain our space at 16 West 61st Street and the NYIT Auditorium on Broadway. These sites will house executive education as well as other post-graduate degree and certification programs. Over the next two years, we will seek to sublet the space at 33 West 60th Street and at 26 West 61st Street.
• Both undergraduate and graduate programs will be offered and supported at the new NYC site.
• We have consulted with the Middle States Commission on Higher Education and the New York State Education Department so that they know of our plans. Both view this move as a "business decision."

Our overall strategy during this process is to ensure growth and dynamism for New York Tech's future in NYC and on Long Island. By expanding into a more advanced facility in NYC with better space and lower costs—and at a location that is closer to where our students live and work—we will be better able to serve and keep them connected to our institution. Likewise, adding new and better facilities at our Long Island campus helps ensure that our students will opt to remain at New York Tech. In the end, these plans will result in an institution that is more student-centered and financially resilient, and poised for growth.

This is an exciting time to be a part of the New York Tech community. I look forward to sharing more updates in the weeks ahead.

Sincerely,

Hank Foley, Ph.D.
President, New York Institute of Technology