Northeastern University’s takeover of New York City’s Marymount Manhattan College provided a $202.7 million windfall, bolstered by its new ownership of prime Manhattan real estate.
The deal added $215 million of land and buildings on Marymount Manhattan’s Upper East Side campus to Northeastern’s balance sheet, according to bond offering documents released this week. The Boston-based university received close to $47 million in investments from the merger, while also taking on $68.3 million in liabilities, including unpaid bills and a loan.
“Our global network of campuses provides the university with valuable resilience at a time of tremendous change in higher education,” a spokesperson for Northeastern said in an emailed statement. The New York City campus also helps expand the school’s teaching and research mission, the spokesperson said.
The acquired real estate includes four buildings totaling 285,000 square feet on East 71st Street, according to the bond documents. The school also owns a 55th Street residence hall with 32 floors of student housing.
Real estate is often a college’s largest asset. Through the Marymount acquisition, Northeastern is able to add a sought-after New York City presence to its rapidly growing footprint. The university has a dedicated mergers and acquisitions team that’s helped it expand rapidly in the last decade, acquiring more than 10 million square feet of real estate across 14 campuses in places like Toronto, London, and Miami.
Northeastern is still waiting on federal approval for the merger with Marymount but expects to receive final clearance from the US Department of Education on or before June 30.
A deal with Mills College in Oakland added $700 million in assets to the Boston school’s balance sheet, including an art collection featuring works by Pablo Picasso and Diego Rivera valued at around $27 million.
Analysts at Moody’s Ratings noted its multiple locations will continue to support “considerable student market strength.” In its roadshow for bond investors, Northeastern cited the tremendous growth it’s seen in metrics like applications — at a record 105,256 for fall 2025 — and enrollment. Operating revenue is up 60 percent from fiscal 2021 to $2.5 billion in fiscal 2025.
Northeastern is poised to borrow about $483 million of municipal bonds through the Massachusetts Development Finance Agency to finance campus improvements, including a new athletics facility and a buyout of a Boston residence hall.