NYU is planning to make a half a billion dollar investment to expand their innovative new Downtown Brooklyn campuses, NYU President Andrew Hamilton said.

The investment will be made over the next decade to expand their NYU Tandon School of Engineering and upgrade science, technology, engineering, and emerging media disciplines. The $500 million will provide additional space and support for applied sciences, new initiatives and approaches that rely on the fusion of science, technology, and creativity.

“Innovation and entrepreneurship have propelled Brooklyn’s economic trajectory and earned the borough bragging rights as the epicenter of New York’s burgeoning technology industry,” President Hamilton said in a statement. “NYU’s expanded presence in Downtown Brooklyn will lead to innovative solutions to real challenges facing the world’s urban centers and create new opportunities that the University can develop collectively with the technology industry.”

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NYU was awarded a 99-year lease for the former MTA building at 370 Jay Street in 2012 as a winner of the city’s Applied Sciences NYC initiative. After major renovation, NYU programs will officially begin moving into the building fall of 2017 and will provide space for over 1,000 students and 40 faculty members.

This will have transformative implications for not only the University, but also for Brooklyn as we increase our presence and integration in the Brooklyn Tech Triangle community and beyond,” President Hamilton said.