Is St. John's leaving Manhattan?

S

STJ FinLaw

New member
I sure hope this does not mean we are leaving Manhattan. Our presence in Manhattan can be a real benefit to the University.

"This afternoon St. John’s announced that it is looking to sell its building at 101 Murray Street. The university bought the property in 2001, after St. John’s merged with the College of Insurance, now called the School of Risk Management, which remains a tenant in the building."


http://observer.com/2013/03/st-johns-seeks-to-cash-out-of-murray-street-space/
 
More from the article:

“The University has been continually assessing the value of this asset in terms of space usage and market value,” according to the press release. “With Manhattan’s real estate market now at an all-time historic high, we have determined that it is in the best interest of the University of seek a buyer for the property at this time.”

As with BMCC’s campus, the real prize is not the building, but the development rights available at the site. “The location also has significant development opportunities,” according to the release, “in that the site is currently built to only about one-third of its potential capacity.”

According to city records, the current building, erected in 1984, contains 145,000 square feet of space. By our calculations, the current C6-4 zoning means the site,, could accommodate a building of nearly half a million square feet with the public plaza density bonus, with both commercial and residential possible.

“The property could be worth as much as $75 million,” Real Capital Analytics Director of Market Analysis Ben Carlos Thypin told The Observer, “depending on, among other factors, how long St. John’s needs to continue to occupy the property while they secure long term space.”

The site, separated by just one block from the World Trade Center, is cornered on the block by 89 Murray Street, a recently-built rental building designed by Skidmore, Owings & Merrill. With a Whole Foods at 89 Murray and the millions of square feet of heavily-subsidized office space to the south, we’re guessing the eventual buyer will want to take advantage of the growing demand for housing in Lower Manhattan and build apartments—likely condos, if the market continues the way it’s been going.
 
The biggest disappointment is that St.John's has failed to utilize its 2001 acquisition of the College of Insurance to distinguish it's academics.

Below is a listing of the top 10 undergrad insurance program rankings. It is amazing that Saint Joseph's University in Philadelphia can be rated as having a top 10 undergrad insurance program yet St.John's after acquiring the College of Insurance and being located in the world's financial capital is not.

LINK:
http://colleges.usnews.rankingsandreviews.com/best-colleges/rankings/business-insurance-risk/spp+25
 
Another Father Harrington accomplishment to destroy academic standing. TCI as it was called could have been a flagship professional insurance school with proper management.

Harry isn't a manager but, knows a good Patek Phillipe or Rolex when he sees one..
 
I would be interested to know if St. John's would relocate in Manhattan or just exit entirely. Maintaining a Staten Island campus for reasons that I cannot comprehend, that reduces the academic profile of the student body, while exiting our Manhattan presence would be another step in the wrong direction for the University.
 
Now this makes sense. $200 million would be a nice boost to the endowment and the University can lease 60,000 square feet in Manhattan for less than the interest earned on the sale proceeds. From Crain's:

St. John's University has put a downtown building it uses for student housing and academic space up for sale. The property, which is 10-stories and about 150,000 square feet, could reap between $150 million and $200 million.

"Our sense of the real estate market right now is that it's extremely strong and coming back even stronger," said Martha Hirst, St. John's chief operating officer and treasurer.

The property, at 101 Murray St., between West and Greenwich streets, a few blocks north of the World Trade Center site, can accommodate over 300,000 square feet of residential space. Those development rights have attracted several prospective buyers, including Edward Minskoff, who in recent years built a striking 35-story residential tower next door at 101 Warren St.

"We would like to get it and we hope to get it," said Mr. Minskoff, who noted that condominium prices in the area range from $1,800 per square foot to $2,400 per square foot.

101 Murray St. serves as the main Manhattan location for St. John's Peter J. Tobin College of Business, where the curriculum focuses largely on risk management issues. Ms. Hirst said that St. John's is seeking to lease a 40,000-square-foot to 60,000-square-foot Manhattan space as a new home for its business school.

"We can be much more efficient in a new space," Ms. Hirst said.
 
I don't know if I'm surprised. I took a number of graduate classes there. The building was always shockingly uninhabited. I understand a few undergrads were housed there, it must be strange to be so separated from the main campus. That pocket of Tribeca, is business only...nothing much else going on.

Its a shame honestly. Although the St. John's MBA program is/was kinda of a joke (at the very least 5 years ago), the graduate Risk Management classes were rather rigorous. Maybe AIG blowing up, steered lots of people away.
 
http://www.torchonline.com/news/2013/05/24/university-reaches-agreement-for-campus-sale/




Samantha Albanese, Entertainment Editor
May 24, 2013
Filed under News

The University announced in a release today that an agreement for the sale of the Manhattan campus has been reached through a joint venture of New York City real estate firms Fisher Brothers and The Witkoff Group.

The agreement says that St. John’s will continue its occupancy of the building until mid-2014, according to the release.

“This is an unprecedented moment in the 143-year history of St. John’s, and the impact on the University will be nothing short of transformative,” Rev. Donald J. Harrington, C.M., President of the University, said in the release.

The proceeds from the sale will be used to “enhance the University’s academic offerings and improve facilities,” according to the release. The sale will also allow for a “significant increase in ongoing financial aid” for students. The release said that the University currently grants about $200 million in financial aid annually.

“The major infusion of capital from the sale of the property will bring our University to a new level, enabling us to continue to realize our strategic vision of investing in our students, academic programs, faculty, leading-edge technology and facilities in New York and around the globe,” Harrington said.

The initial announcement of the sale of the Manhattan campus, located on 101 Murray Street downtown, came in March, much to the dismay of students who spoke to the Torch. The announcement regarding the decision to sell was first made through a University-wide email.

Since the campus opened in 2001, it has experienced two periods of prolonged closure that forced students to take classes on the Queens campus. The first was due to the events of September 11, 2001. The campus remained closed until the spring semester in 2002. Last October, the campus sustained damage follower Superstorm Sandy and remained closed for the remainder of the fall semester.

Both sides of the real estate partnership praised the University for the sale.

“We are proud to play a role in a transaction that further solidifies St. John’s future,” Winston Fisher, a partner in Fisher Brothers, said in the release. ”And we are dedicated to creating the highest and best use for 101 Murray, a property that is situated in the very heart of one the most dynamic mixed-use neighborhoods in the world.”

“We are very excited to be joining with the Fisher Brothers as partner and co-developer of this exceptional property, and we laud St. John’s for its vision,” said Steven Witkoff, Chairman and Chief Executive Officer, The Witkoff Group.

The University is seeking another property space in Manhattan for the School of Risk Management, as well as other academic programs, in time for the start of the 2014-15 academic year, according to the release.
 
This is old news. SJ got the property a while ago and once they saw how much they could profit from selling it now, they jumped at it. Campuses will be down to Queens, SI, and LI in NY temporarily I guess. What is the Risk Management anyway? Not even sure what degrees people get from the Manhattan campus.
 
Manhattan campus is great and convenient for those getting Masters who work in the city
 
This is old news. SJ got the property a while ago and once they saw how much they could profit from selling it now, they jumped at it. Campuses will be down to Queens, SI, and LI in NY temporarily I guess. What is the Risk Management anyway? Not even sure what degrees people get from the Manhattan campus.
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As most are aware, Manhattan was formerly The College of Insurance.

After Pharmacy students, I am told, Risk Management (actuarial science) students have the highest SAT scores.

Also, in addition to those cited, St. John's has campuses in Rome and Paris, as you are probably aware. I am told that a campus in Ireland may be a possibilty in the future.
 
This is old news. SJ got the property a while ago and once they saw how much they could profit from selling it now, they jumped at it. Campuses will be down to Queens, SI, and LI in NY temporarily I guess. What is the Risk Management anyway? Not even sure what degrees people get from the Manhattan campus.
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I am told that a campus in Ireland may be a possibilty in the future.
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Now that would me rethink going for my masters
 
In the post today it said while a final sale price not disclosed it exceeds 200 million. Not sure how much they owed on the property from the original purchase but d@mn that's a pretty good number
 
This is the email I got from Father Harrington

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Also, in addition to those cited, St. John's has campuses in Rome and Paris, as you are probably aware. I am told that a campus in Ireland may be a possibilty in the future.
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I would appreciate if someone would please explain why campuses in Rome, Paris and even Ireland are important to an American University?

Also I would appreciate if someone would please explain how the international campuses serve the Vincentian "Mission" which the handful of Harrington loyalists use to explain academic mediocrity.

Thanks.
 
Also, in addition to those cited, St. John's has campuses in Rome and Paris, as you are probably aware. I am told that a campus in Ireland may be a possibilty in the future.
Click to expand...

I would appreciate if someone would please explain why campuses in Rome, Paris and even Ireland are important to an American University?

Also I would appreciate if someone would please explain how the international campuses serve the Vincentian "Mission" which the handful of Harrington loyalists use to explain academic mediocrity.

Thanks.
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:)
 
Also, in addition to those cited, St. John's has campuses in Rome and Paris, as you are probably aware. I am told that a campus in Ireland may be a possibilty in the future.
Click to expand...

I would appreciate if someone would please explain why campuses in Rome, Paris and even Ireland are important to an American University?

Also I would appreciate if someone would please explain how the international campuses serve the Vincentian "Mission" which the handful of Harrington loyalists use to explain academic mediocrity.

Thanks.
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Tons of schools have overseas campuses. The world of business is more and more globally connected every day.

Many people live lives way too sheltered ( I used to be one of them ). People need to go out and see the world. Studying abroad is great exposure to open people up to other things and it gives the school exposure to potentially new students.
 
I took numerous classes at the Manhattan campus this year and last year for my MBA program (not risk managment, they have basically every other graduate business class they offer in Queens there too) and it was great. The classes were small and it was really easy to get to via train from anywhere in the tri-state area. Owning a building and having a piece of real estate in a prime location like that was a big asset and I met many good, successful students who would not have gone to St. John's for their MBA if it wasn't for the Manhattan campus. Sure the building was outdated and most rooms didn't have windows but I enjoyed my classes there and I hope they can find a new location in Manhattan.
 
Going to have to agree with Otis on this one. Not sure the price of having campuses in Paris or Rome is worth the return. I'm sure the return is very low. I'd rather have the school take that money and invest it in our flagship Queens campus. We need to stop accepting so many people and get more selective. If we get 50,000 applications every year I would think we could be much more selective. No more of these 2.8 or 3.0 students. Let's aim for 3.4-3.5 as the median GPA. Not a fan of the affirmative action either since it waters down the student body in terms of academic strength. Either you make the grade or you don't. If you make the grade to get in, I don't care if you are purple or orange. That's how it is at the most selective US schools and how it should be here. I know the school would probably never do that because it wants to be known as exceptionally diverse, but it's something that needs to be done if we truly want to be a top 75 school.
 
I know the school would probably never do that because it wants to be known as exceptionally diverse, but it's something that needs to be done if we truly want to be a top 75 school.
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The thing is the school doesn't want to be nor plans to be a Top 75 school. We have a niche that works. The academics should get better under a new administration but I think being in the 100-125 range of overall undergraduate schools is a realistic goal to set. At our core we are still a commuter school with limited residential space compared to our overall student population and in a city that has schools like NYU, Columbia and Fordham I don't think we have the ammunition to compete as a full residential school that will attract top students from around the country. With that being said there is no reason for our pharmacy school, law school and business school not to be top-notch and in the top 50 of their respective rankings.
 
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