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GE donates 570 Lexington.

Thanks to a generous donation by General Electric Company, Columbia University will again have a presence in Midtown where the institution began.

GE has decided to give the university its 50-story art deco structure at 570 Lexington Avenue that is valued at around $40 million.

In exchange for presenting the twothirds vacant skyscraper to Columbia, General Electric will receive a $40 million tax deduction and will not incur any transfer tax. The value of the deduction, however, sources say, will be subject to approval by the Internal Revenue Service. The deduction will be limited to 10 percent of the company's annual taxable income, and the remainder can be distributed over the next four years.

Columbia, which started in Midtown some 100 years ago, has begun to experience overcrowding at its Upper West Side campus. General Electric will become a tenant of Columbia and the institution will use a portion of the Midtown building as a satellite location for classes, conferences and exhibitions. Those parts of the building used for educational purposes will be tax-exempt for Columbia.
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Title Annotation:General Electric Co. donates New York, New York office building to Columbia University
Publication:Real Estate Weekly
Date:Jun 9, 1993
Words:176
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