\n<\/p>\n
Funds from the sale of the campus will pay off a portion of MCNY\u2019s $67.4\u00a0million outstanding debt.<\/p>\n
Cash-strapped Metropolitan College of New York is planning to sell its Manhattan campus to the City University of New York for $40\u00a0million, a regulatory filing first reported by Bloomberg<\/em> shows.<\/p>\n The two institutions signed a letter of intent on Monday, according to the regulatory filing, which notes that proceeds will be used to pay off a portion of MCNY\u2019s $67.4\u00a0million outstanding debt.\u00a0<\/p>\n MCNY agreed to sell the site last year as part of a forbearance agreement with bondholders.<\/p>\n Metropolitan College of New York has struggled to keep up with debt in recent years and failed to maintain the agreed-upon ratio of liquid assets, according to a regulatory filing from July. The small college enrolled fewer than 500 students, according to the latest state data, and posted a deficit of more than $7\u00a0million in fiscal year 2023, publicly available financial data shows.<\/p>\n CUNY is purchasing 101,542 square feet across three floors in the shared building, which officials told Bloomberg they intend to use as a temporary site for the Hunter-Bellevue School of Nursing amid ongoing construction projects. The sale will require approval from bondholders as well as Metropolitan College\u2019s accreditor, the Middle States Commission on Higher Education.<\/p>\n","protected":false},"excerpt":{"rendered":" Funds from the sale of the campus will pay off a portion of MCNY\u2019s $67.4\u00a0million outstanding debt. Cash-strapped Metropolitan College of New York is planning to sell its Manhattan campus to the City University of New York for $40\u00a0million, a regulatory filing first reported by Bloomberg shows. The two institutions signed a letter of intent<\/p>\n","protected":false},"author":1,"featured_media":18518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[2179,4320,11316,5244,480],"class_list":{"0":"post-18517","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-education","8":"tag-buy","9":"tag-campus","10":"tag-cuny","11":"tag-manhattan","12":"tag-plans"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/18517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18517"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/18517\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/18518"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}