Harvard has paid $330,000 for a two-story building and parking lot, located at 53 Church St.
The parking lot is now operated commercially by a garage, located next door at 41 Church St. The University, along with the Harvard Trust Company and the Coop, owns the garage.
Harvard formerly rented the lot from the previous owners, the Cambridge Community Services.
However, University officials have not yet announced how the two-story structure will be used.
If the University uses the building for educational purposes, it will remain tax exempt. The garage, with its adjacent parking lot, will continue to be taxed. One official noted that the University owns a number of brick and wooden frame houses in this area which it uses for offices.
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