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The building houses the John Cardinal O’Connor Campus of its School of New Resources, but the sale of the building shouldn't change that as the school plans to lease back four floors for its campus.
School officials said sale of the building will enable the college to enhance academic offerings and improve facilities, as well as generate significant cash flow, which will increase financial reserves, provide additional income, and reduce operating expenses.
“This sale-lease-back transaction demonstrates prudent financial management and provides a unique opportunity for the College to exchange a fixed asset for a more liquid asset that can be redirected to further strengthen its academics programs and its financial position,” Judith Huntington, president of the college said in a statement. “In conjunction with the implementation of the College’s current strategic plan, this will aid in creating a vibrant and compelling institution, allowing us to thrive and our students to be successful.”
The eight-story building is on the south side of East 149th Street between Morris Avenue and Courtland Avenue and consists of approximately 51,852 square feet of commercial space.
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