Fordham To Open New Campus

Fordham pursues new home in Harrison
By GERALD MCKINSTRYTHE JOURNAL NEWS
(Original publication: September 15, 2007)
HARRISON - A Platinum Mile property owner signed Fordham University to a long-term lease not long after the Jesuit school announced plans to leave its scenic Tarrytown campus.
Andrew Greenspan, a partner of White Plains-based GHP Office Realty, a subsidiary of Houlihan-Parnes, said yesterday that Fordham recently agreed to a 20-year lease at 400 Westchester Ave. The university plans to have three graduate schools - for social services, business and education - plus offices, a continuing education program and a library at the 62,500-square-foot site, Greenspan said. Fordham was shown 32 sites and later narrowed that to six before choosing the Harrison location, formerly owned by Verizon, he said. GHP purchased the property in May as part of a larger deal that included 24 other office and industrial properties in 10 states. Greenspan said the company was investing $8 million to improve and retrofit the vacant building with energy-efficient windows, a new roof and state-of-the-art mechanical systems. He said work would be completed by next summer so Fordham could begin classes by fall 2008. Before that can happen, zoning must be changed to accommodate more higher education uses, and some town officials are at odds over how that could affect the long-term tax base. Town Board member Robert Paladino said he feared the university could eventually buy the building. "Because they're tax-exempt, they'd come off the tax rolls," Paladino said of the possibility of a nonprofit purchasing property in a corporate park. "If you start losing large properties from the tax rolls, it has a dire impact on people's taxes. The corporate presence is critical." The property in 2007 generated more than $500,000 in taxes, according to town records. Paladino estimated that up to 50 percent of Harrison's tax base was made up of business and corporations, which lowers taxes for homeowners. He also said amending the land laws at the site had "broader implications" that would affect large parcels in town. "It's not just about Fordham; it's other properties that you'd be taking off the tax rolls," Paladino said. Supervisor Stephen Malfitano said the possible change was more a tightening of zoning language. He said some ambiguity in the code needed to be "cleaned up" so Fordham could offer other programs, such as education, not mentioned in the code. The reality, Malfitano added, was that if Fordham or any other school wanted to establish a presence there, they could. "If Fordham wanted to open a graduate school of business, they can do that now," Malfitano said. "It's not as if we're creating a new situation. It already exists." Existing zoning allows professional business, trade and graduate business schools, and those operating kindergarten through 12th grade, Malfitano said. "The right thing to do is address it," Malfitano said of the code. "Having Fordham in town is a good thing." Greenspan said Fordham - which is trying to sell the Marymount campus it purchased in 2000, complete with 11 buildings on 25 acres overlooking the Hudson River - has no plans nor any interest in buying the Harrison building. He said the contract has no option to buy. "It is a lease, it was a lease, and it will remain a lease," Greenspan said. "The building right now is vacant and abandoned. ... The town of Harrison will have a viable ratable and a better situation. This is a terrific bonus for the town."
Original article (here)