In an attempt to expand the University’s New York City presence, the Cornell College of Business recently acquired three floors of a midtown Manhattan building located at 45 West 57th Street, according to CCB Dean Soumitra Dutta.
“We see a strong presence in New York City as essential for enhancing our relationships with our alumni, corporate partners and other key stakeholders,” Dutta said. “As the largest city in America and the finance capital of the United States, New York City is a natural hub for Cornell’s alumni and students.”
The College of Business has leased the second, fourth and fifth floors of the property, and plans to open the second floor for use next month, according to Business Wire.
Dutta explained that the purchase is primarily “intended to enhance network opportunities,” saying the space will hold events for various Cornell constituents, including CCB affiliates, career services, alumni and students.
The College of Business will offer all of its students access to immersion opportunities and events at its New York locale, Dutta said.
“Access and use of the building by undergraduates affiliated with the College of Business will be determined based on programmatic needs,” he said.
The University also plans to house its Executive MBA Americas program — which provides working professionals with the opportunity to pursue a MBA on Saturdays and Sundays — at the new building, according to Dutta.
“Students in the Cornell EMBA Americas program meet in a boardroom for classes during the weekends and the new space will accommodate student and faculty needs,” he said.
This New York expansion comes one year before Cornell Tech permanently settles into Roosevelt Island. While the University hopes to “bridge” Cornell Tech and CCB’s new locale, the 57th Street space is leased only for 22 months with an option to review, according to Dutta.
Cornell leased the space from Sedesco Inc., a Turkish real estate development and investment company subsidiary based in New York. Demir Sabanci MBA ’99 is Sedesco’s CEO and serves on Johnson Graduate School of Management’s advisory council.
“We are excited to welcome Cornell University to 45 West 57th Street,” said Derek Gilchrist, General Counsel for Sedesco, Inc. “Cornell has undertaken impressive growth throughout New York City, and we’re pleased to facilitate the development of the university’s foothold in Manhattan with our property near Central Park.”
A previous version of this story incorrectly stated that Sedesco Inc. is a U.S. subsidiary of a Turkish company. In fact, Sedesco Inc. is based in New York.