TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Saturday, December 3, 2016

Brooklyn Law School Sells Real Estate For $148m, Raising Endowment To $225m

Brooklyn Logo (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.

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This is like saying, Mike Livingston sells his house, net worth goes up. It doesn't work that way.

Posted by: mike livingston | Dec 4, 2016 4:50:45 AM

Mr. Livingston -- I think that Brooklyn's reasoning is that they believe they can earn more from investing the proceeds of the sale than from renting/leasing the properties, given the not-insignificant costs of being a landlord in NYC.

Posted by: Andy Patterson | Dec 4, 2016 12:42:07 PM

"Brooklyn's reasoning..." probably amounts to little more than Dean energetically rubbing hands and trying to figure out how to misappropriate resultant windfall into endowment/insider slush fund...

Posted by: sca721 | Dec 7, 2016 1:27:09 PM