Metropolitan College sells Financial District campus to CUNY for $40 million
MCNY's financial struggles may be alleviated with the sale of their 100,000-square-foot campus to CUNY for $400 per square foot.
Metropolitan College, a private institution in Manhattan, has recently found a buyer for its 100,000-square-foot Financial District campus. According to Bloomberg, the City University of New York (CUNY) is set to purchase the property for $40 million, which will help MCNY pay off some of its outstanding bonds and deferred debt service.
The sale is a result of MCNY's financial struggles, and the proceeds will go towards redeeming a portion of their outstanding bonds and paying off deferred debt service. With a sale price of $400 per square foot, CUNY plans to use the property as an interim location for the Hunter-Bellevue School of Nursing while construction continues on their permanent location.
This deal is a win-win for both parties. MCNY is able to alleviate some of its financial burden, while CUNY gains a prime location for their nursing school. However, some may question the sale price of $400 per square foot, as it seems relatively low for a property in the Financial District.
"The sale of our Financial District campus is a positive step towards improving MCNY's financial standing," said MCNY President Vinton Thompson. "We are confident that this sale will help us continue to provide quality education to our students."
Accurate, fact-checked rewrite of the article.
Originally reported by The Real Deal.
https://therealdeal.com/new-york/2025/08/28/metropolitan-college-finds-buyer-for-financial-district-site/