Facing budget troubles, some colleges look to sell the president’s house

The president of the New School in Manhattan is about to lose an extraordinary perk: a five-story West Village townhouse that for decades has served as the university head’s official residence.

The school, which projected a $52 million budget shortfall for the 2024 fiscal year, is asking $20 million for the home as it seeks to stabilize its finances. The sale comes as shaky student enrollment, inflation and other forces are threatening smaller colleges in New York City and around the country. To stay healthy, some have sought to sell off real estate assets to shore up their balance sheets.

Read more from The New York Times.


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