Tuesday, May 24, 2016

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Catholic Education Daily


Saint John’s Univ. Sells Prime Property Following Financial Scandal

St. John’s University of New York sold a University building in the heart of New York City near World Trade Center One for $223 million, according to The Chronicle of Higher Education. The School of Risk Management, which was housed there, will be relocated and replaced by a 372,000-square foot condominium tower.

The university has long touted its Manhattan campus because its “architecturally distinctive facility overlooks the bicycle paths and parks along the scenic West Side Highway,” also noting that it is “within walking distance of hip Tribeca, home to actor Robert DeNiro's Tribeca Film Festival and Tribeca Grill.”

The money from the sale will go toward bettering academic offerings, improving facilities, increasing the Vincentian University's endowment, and increasing the amount of financial aid available to students, according to a press release from the University.

St. John’s has experienced an eventful year with reports of financial scandal and corruption including embezzlement and lavish gifts, the announced retirement of longtime University president Fr. Donald J. Harrington, C.M., and the University’s recent rebranding campaign which highlights the University’s academic prestige, New York location, athletics, alumni network, and Vincentian commitment to help those in need.

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