Paul L. Caron

Wednesday, March 14, 2012

NYU Law School Pays $3.6M for Faculty Condo

NYUABA Journal, NYU Law School Pays $3.6M for Faculty Condo:

New York University law school has purchased another condo.

This time the school paid $3.6 million for an Upper West Side condo, International Business Times reports. Law school spokesman Michael Orey says the condo will be used by a faculty member who will pay rent. The publication has photos.

According to the story, “The four bedrooms have ensuite baths with Calacatta gold and marble, as well as radiant heat floors.” Songwriter Judy Collins was a former building resident.

Last year the law school paid $3.5 million for a condo about a mile from its campus, and in 2008, it paid $4.2 million for a condo overlooking Central Park.

The 2011-12 Federal Student Expense Budget to attend NYU Law School is $74,704.

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Wow, thanks for posting this. There needs to be more disclosure and clarity in law school expenditures. A purchase like this seems to indicate that the school has plenty of cash assets. So why has the cost of tuition at NYU Law (as well as all law schools) risen so drastically every year. Tuition costs usually go directly toward a school's annual operating costs, but if NYU can afford to purchase such large and extravagant condos, why can't they afford to put a halt to tuition increases?

Posted by: Michael Barrera | Mar 16, 2012 9:37:01 AM

Presumably NYU Law will make full disclosure, including the identities of the faculty lessees and how much rent they are being charged, in the promotional materials given to prospective 1Ls. There is no reason to keep such data hidden. Is there?

Posted by: Jake | Mar 14, 2012 5:16:00 PM