Cornell University has acquired a prime Collegetown property for $15 million, expanding its real estate holdings, according to The Ithaca Voice. The five-story, mixed-use building at 301 College Avenue, which had been in foreclosure since last year, includes student apartments and retail space.
Previously owned by developers John Novarr and Phil Proujansky, the building was foreclosed on by Tompkins Community Bank in early 2024. Marketed as a valuable asset with rental growth potential, it was sold below its estimated value.
Cornell could renovate or redevelop the site, with zoning allowing a taller structure. The university emphasized its commitment to Collegetown’s economic revitalization.
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