Moody’s: “Aa3” Standard & Poor’s: “AA-” NEW ISSUE (See “Ratings” herein) $691,435,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK NEW YORK UNIVERSITY REVENUE BONDS, SERIES 2015A ® Dated: Date of Delivery Due: July 1, as shown on the inside cover Payment and Security: The New York University Revenue Bonds, Series 2015A (the “Series 2015A Bonds”) are special obligations of the Dormitory Authority of the State of New York (“DASNY”) payable solely from and secured by a pledge of (i) certain payments to be made under the Loan Agreement (the “Loan Agreement”), dated as of May 28, 2008, between New York University (the “University”) and DASNY, and (ii) all funds and accounts (except the Arbitrage Rebate Fund) established under DASNY’s New York University Revenue Bond Resolution, adopted May 28, 2008 (the “Resolution”), and the Series 2015A Resolution Authorizing the Issuance of a Series of New York University Revenue Bonds, adopted March 11, 2015 (the “Series 2015A Resolution”). The Loan Agreement is a general, unsecured obligation of the University and requires the University to pay, in addition to the fees and expenses of DASNY and the Trustee, amounts sufficient to pay, when due, the principal, Sinking Fund Installments, if any, Purchase Price and Redemption Price of and interest on all Bonds issued under the Resolution, including the Series 2015A Bonds. The Series 2015A Bonds will not be a debt of the State of New York nor will the State be liable thereon. DASNY has no taxing power. Description: The Series 2015A Bonds will be issued as fully registered bonds in denominations of $5,000 or any integral multiple thereof and will bear interest at the rates and will pay interest and mature at the times and in the respective principal amounts shown on the inside cover hereof. The Series 2015A Bonds will be issued initially under a Book-Entry Only System, registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”). Individual purchases of beneficial interests in the Series 2015A Bonds will be made in Book-Entry form (without certificates). So long as DTC or its nominee is the registered owner of the Series 2015A Bonds, payments of the principal and Redemption Price of and interest on such Series 2015A Bonds will be made directly to DTC or its nominee. Disbursement of such payments to DTC participants is the responsibility of DTC and disbursement of such payments to the beneficial owners is the responsibility of DTC participants. See “PART 3 - THE SERIES 2015A BONDS - Book-Entry Only System” herein. The Bank of New York Mellon, New York, New York is the Trustee and Paying Agent for the Series 2015A Bonds. Redemption: The Series 2015A Bonds are subject to redemption and purchase in lieu of optional redemption prior to maturity as more fully described herein. Tax Matters: In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to DASNY (“Bond Counsel”), under existing statutes and court decisions and assuming continuing compliance with certain tax covenants described herein, (i) interest on the Series 2015A Bonds is excluded from gross income for Federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) interest on the Series 2015A Bonds is not treated as a preference item in calculating the alternative minimum tax imposed on individuals and corporations under the Code; such interest, however, is included in the adjusted current earnings of certain corporations for purposes of calculating the alternative minimum tax imposed on such corporations. In addition, in the opinion of Bond Counsel to DASNY, under existing statutes, interest on the Series 2015A Bonds is exempt from personal income taxes imposed by the State of New York or any political subdivision thereof (including The City of New York). See “PART 11 – TAX MATTERS” herein regarding certain other considerations. The Series 2015A Bonds are offered when, as, and if issued and received by the Underwriters. The offer of the Series 2015A Bonds may be subject to prior sale, or withdrawn or modified at any time without notice. The offer is subject to the approval of legality by Hawkins Delafield & Wood LLP, New York, New York, Bond Counsel, and to certain other conditions. Certain legal matters will be passed upon for the University by its General Counsel, Terrance Nolan, Esq., and by its special counsel, Ropes & Gray LLP, New York, New York. Certain legal matters will be passed upon for the Underwriters by their co-counsel, Locke Lord LLP (successor by merger to Edwards Wildman Palmer LLP), New York, New York, and The Hardwick Law Firm LLC, New York, New York. DASNY expects to deliver the Series 2015A Bonds in definitive form in New York, New York, on or about April 22, 2015. Morgan Stanley J.P. Morgan BofA Merrill Lynch Wells Fargo Securities The Williams Capital Group, L.P. April 10, 2015 $691,435,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK NEW YORK UNIVERSITY REVENUE BONDS, SERIES 2015A Interest Payment Dates: Each January 1 and July 1, commencing January 1, 2016 $366,160,000 Serial Bonds Due Interest CUSIP Due Interest CUSIP July 1 Amount Rate Yield Number1 July 1 Amount Rate Yield Number1 2016 $ 990,000 5.000% 0.150% 64990BET6 2024 $18,255,000 5.000% 2.100% 64990BFV0 2017 2,970,000 3.000 0.620 64990BEU3 2025 19,170,000 5.000 2.240 64990BFW8 2018 5,940,000 4.000 0.950 64990BEV1 2026 19,480,000 5.000 2.420* 64990BFB4 2019 7,000,000 3.000 1.220 64990BEW9 2027 20,460,000 2.800 2.770* 64990BFC2 2019 8,230,000 5.000 1.220 64990BFQ1 2028 21,030,000 5.000 2.660* 64990BFD0 2020 7,500,000 4.000 1.400 64990BEX7 2029 7,660,000 3.000 3.050 64990BFF5 2020 8,350,000 5.000 1.400 64990BFR9 2029 14,425,000 5.000 2.750* 64990BFY4 2021 2,890,000 2.000 1.570 64990BEY5 2030 23,030,000 5.000 2.840* 64990BFG3 2021 13,040,000 5.000 1.570 64990BFS7 2031 24,195,000 5.000 2.900* 64990BFH1 2022 3,960,000 4.000 1.770 64990BEZ2 2032 25,395,000 5.000 2.950* 64990BFJ7 2022 12,675,000 5.000 1.770 64990BFT5 2033 26,030,000 5.000 2.990* 64990BFK4 2023 2,530,000 3.000 1.930 64990BFA6 2034 27,340,000 5.000 3.020* 64990BFP3 2023 14,905,000 5.000 1.930 64990BFU2 2035 28,710,000 5.000 3.030* 64990BFL2 $87,080,000 4.000% Term Bond Due July 1, 2038, to Yield 3.510%* CUSIP Number1 64990BFM0 $63,850,000 Stepped Coupon Bond2 Due July 1, 2041, Price 100%** CUSIP Number1 64990BFX6 $102,020,000 5.000% Term Bond Due July 1, 2045, to Yield 3.170%* CUSIP Number1 64990BFN8 $72,325,000 5.000% Term Bond Due July 1, 2048, to Yield 3.250%* CUSIP Number1 64990BFE8 Stepped Coupon Structure: The Stepped Coupon Bonds maturing on July 1, 2041 will bear interest at: 2.500% per annum from the Date of Delivery through and including June 30, 2020; 3.500% per annum from July 1, 2020 through and including June 30, 2025; 4.500% per annum from July 1, 2025 through and including June 30, 2032; and 5.500% per annum from July 1, 2032 to maturity. * Priced at the stated yield to the first optional call date of July 1, 2025 at a redemption price of 100%. ** The Stepped Coupon Bonds are priced to the first optional call date of July 1, 2020 at a redemption price of 100%. 1 CUSIP data herein are provided by Standard & Poor’s, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. CUSIP numbers have been assigned by an independent company not affiliated with DASNY and are included solely for the convenience of the holders of the Series 2015A Bonds. DASNY is not responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the Series 2015A Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of the Series 2015A Bonds. 2 Stepped Coupon Bonds bear interest at a rate that resets periodically. See “Stepped Coupon Structure” above for the rate structure. No dealer, broker, salesperson or other person has been authorized by DASNY, the University or the Underwriters to give any information or to make any representations with respect to the Series 2015A Bonds, other than the information and representations contained in this Official Statement. If given or made, any such information or representations must not be relied upon as having been authorized by DASNY, the University or the Underwriters. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor will there be a sale of the Series 2015A Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation, or sale. Certain information in this Official Statement has been supplied by the University and other sources that DASNY believes are reliable. DASNY does not guarantee the accuracy or completeness of such information and such information is not to be construed as a representation of DASNY. The Underwriters provided the following sentence for inclusion in this Official Statement. The Underwriters have reviewed the information in this Official Statement in accordance with, and as part of their respective responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information.