Funds from the sale of the campus will pay off a portion of MCNY’s $67.4 million outstanding debt.

MCNY

Cash-strapped Metropolitan College of New York is planning to sell its Manhattan campus to the City University of New York for $40 million, a regulatory filing first reported by Bloomberg shows.

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’s $67.4 million outstanding debt.

MCNY agreed to sell the site last year as part of a forbearance agreement with bondholders.

Most Popular

International Students Face Visa Issues Into Fall Semester

More UChicago Ph.D. Programs Will Pause Admissions

Mary Baldwin President Suddenly Resigns

Metropolitan College of New York h

See Full Page