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Metropolitan College of New York will sell off all or part of its Manhattan campus as part of a deal officials struck with bondholders after the college broke bond covenants, Bloomberg reported.
MCNY has another campus in the Bronx.
The forbearance agreement will also allow the college to skip a Nov. 1 payment on its debt. MCNY currently has a reported $61 million in outstanding municipal bonds.
“The Manhattan campus is underutilized, and MCNY plans to sell part of that space,” a college spokesperson told Bloomberg. “The college will also consider offers for its entire Manhattan campus. MCNY intends to consolidate operations on the remaining floors of its Manhattan campus, the Bronx campus, and elsewhere as needed based on the details of the sale.”
A real estate listing shows MCNY owns three floors in a building “located in the heart of lower Manhattan,” with 16 classrooms, 59 offices, two computer labs, a library and other spaces.
Metropolitan College of New York enrolled 735 students this fall, recent bond documents show. A decade ago, MCNY enrolled more than 1,200 students, according to federal data.
