NYU should plan on raising a lot more than the $136 million projected from donors for part of its massive expansion project, according to a new report from its own review committee.
The school’s controversial, massive 2031 expansion plan calls for adding 1.9 million square feet across four new buildings in Greenwich Village.
The first phase of the project involves redeveloping the Coles Sports Center site on Mercer Street for an estimated $900 million to create 80 classrooms, a theater and residence halls for 500 freshmen.
University officials said they plan to pay for the first phase with money from loans, surpluses and fund-raising efforts .
But the University Space Priorities Working Group panel said in its report that the university should increase its fund-raising goal and rely less on the other sources.
The report said planners should “commit to an increase in fundraising for capital purposes, replacing the current target of $136 million with a substantially higher target.”
“Money in the hand is better than any money borrowed,” said panel chairman Ted Magder, a media professor.
Either way, he university’s ambitious plan, which has been approved by the City Council, should not rely on tuition hikes or salary cutbacks, the new report said.
“The university need not — and should not — adjust future tuition fees or faculty, administrative, or staff salary assumptions to cover capital costs,” the committee said.
The new Coles facility also would include housing for 100 NYU faculty families. But the school’s chief job, according to the panel, is to provide more space for general-purpose classrooms and student-study areas.
“Academic space should be the university’s highest priority, and comprises close to 50 percent of the total use of space on the Coles Site in the Working Group’s recommendations, the report said.
The expansion plan has been an ongoing source of scorn among community members and celebrities who live in the neighborhood.
Greenwich Village celebs were so desperate to stop the expansion last year that they put their talents on the block at a silent auction to raise money for the legal battle.
The December auction included lunch with Bill Moyers, a shopping spree with “Top Chef” host Padma Lakshmi and a private acting lesson with the late Philip Seymour Hoffman.
Among those who also have spoken out against the plan are actors Matthew Broderick and Matthew Modine and playwright and fellow Village resident Kenneth Lonergan.
Opponents have expressed concern that the project would take away public parkland.
Among the parks that could be affected, according to opponents, are La Guardia Corner Gardens, Mercer Houston Dog Run, La Guardia Park and Mercer Playground.