As Columbia University puts the last touches on its brand-new campus in Harlem, it has reached a milestone: The university is now the largest private landowner in New York City.
In a city where land is more valuable than almost anywhere in the nation, the school now owns more than 320 properties, with a combined value of nearly $4 billion.
The growth has helped it stay competitive within the Ivy League and meet its broader ambitions to become a global institution.
By many measures, those ambitions have also helped lift the city around it, attracting higher numbers of students, producing new jobs and boosting New York’s reputation as an international center of knowledge.
But as Columbia has expanded its footprint, it has also become more of a drain on the city budget because of a state law more than 200 years old that allows universities, museums and other nonprofits to pay almost no property taxes.
Organizations:
Columbia University, Ivy League
Locations:
Harlem, New York City, Columbia