Saturday, December 3, 2016
New York Law Journal, Brooklyn Law School Sells Office Building for $76.5M:
Brooklyn Law School has sold a downtown Brooklyn office building to a group of investors for $76.5 million. The move is the latest in the school's multi-year plan to sell off its extensive real estate holdings amid the borough's hot market, in order to bolster its finances.
The sale of One Boerum Place, along with the 2015 sale of the school's residential property at 2 Pierrepont St. for $35 million, will raise its endowment to $225 million—double what it was five years ago. ... The law school sold another six properties in Brooklyn Heights for a combined $36.5 million in 2013.
The process hasn't always gone smoothly, however. The New York Post has reported the school is seeking to evict law professor Samuel Murumba from his apartment at 2 Pierrepont St. Allard declined to discuss the situation in depth, citing the pending litigation. "This is why we don't want to be landlords anymore," he said.