{"id":33977,"date":"2025-11-09T16:54:56","date_gmt":"2025-11-09T16:54:56","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/33977\/"},"modified":"2025-11-09T16:54:56","modified_gmt":"2025-11-09T16:54:56","slug":"cuny-plans-to-buy-manhattan-campus","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/33977\/","title":{"rendered":"CUNY Plans to Buy Manhattan Campus"},"content":{"rendered":"

Funds from the sale of the campus will pay off a portion of MCNY\u2019s $67.4\u00a0million outstanding debt.<\/p>\n

Cash-strapped Metropolitan College of New York is planning to sell its Manhattan campus to the City University of New York for $40\u00a0million, a regulatory filing first reported by Bloomberg<\/a> shows.<\/p>\n

The two institutions signed a letter of intent on Monday, according to the regulatory filing<\/a>, which notes that proceeds will be used to pay off a portion of MCNY\u2019s $67.4\u00a0million outstanding debt.\u00a0<\/p>\n

MCNY agreed to sell the site last year as part of a forbearance agreement with bondholders.<\/p>\n

Metropolitan College of New York has struggled to keep up with debt in recent years and failed to maintain the agreed-upon ratio of liquid assets, according to a regulatory filing<\/a> from July. The small college enrolled fewer than 500 students, according to the latest state data<\/a>, and posted a deficit of more than $7\u00a0million in fiscal year 2023, publicly available financial data shows<\/a>.<\/p>\n

CUNY is purchasing 101,542 square feet across three floors in the shared building, which officials told Bloomberg they intend to use as a temporary site for the Hunter-Bellevue School of Nursing amid ongoing construction projects. The sale will require approval from bondholders as well as Metropolitan College\u2019s accreditor, the Middle States Commission on Higher Education.<\/p>\n

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