New York University (NYU) has purchased two vacant buildings for $157 million and will convert them into temporary athletic facilities.
According to NYULocal.com, the lower floors of the 151,000-square-foot space will replace Coles Sports Center while Coles is demolished and replaced by a new building. A Crunch gym had been in one of the old buildings before it relocated earlier this year.
"Membership to this temporary fitness center will be complemented by access to both the Palladium Athletic Facility, with extended operating hours, and the newly enhanced fitness center at the NYU Polytechnic School of Engineering in Brooklyn," NYU President John Sexton wrote in an email to students last month. "We are working to obtain favorably priced memberships at an expanded array of local fitness centers for purchase by eligible employees."
The Wall Street Journal, citing property records, reported the buildings traded in 2005 for $39 million. Rising office and retail rents have caused a surge in values in that area, according to the Journal.