Oakdale Campus Sold

RedStormNC

RedStormNC

Well-known member
2023 $upporter
Got an e-mail today from school that said the Oakdale property was sold


September 27, 2016

St. John’s University announces today the sale of its 170-acre Oakdale property to Amity University, a nonprofit international educational organization. Under the agreement, Amity University will assume control of the property immediately.

The sales agreement with Amity University includes a lease provision which enables St. John’s to continue to offer its existing academic programs without interruption through June 2017. St. John’s academic operations at the Oakdale location will remain the same during this transition period.

The University is also in the process of identifying an appropriate location on Long Island where it will continue to serve its students after vacating the Oakdale location. More than 220 graduate students are currently enrolled in academic programs from The School of Education and St. John’s College of Liberal Arts and Sciences.

Please refer all media inquiries to Dominic Scianna, Associate Vice President for External Relations, at 718-990-6185 or sciannad@stjohns.edu.
We will continue to provide more updates throughout this transition period.
 
Newsday is reporting a sale price of $22.5M

Seems the new buyer is a really fast growing University founded in India.
 
Newsday is reporting a sale price of $22.5M

Seems the new buyer is a really fast growing University founded in India.
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and their new spokesman is Steph Curry
 
Does anyone know what happened to university plans to build condominiums on the property against community wishes? It always bothered me that the school would consider diminishing the quality of life for local residents by partnering to build 200+ condo units on the property. Back a few years ago, Harrington built a dorm in a residential area north of Hillside Avenue right next to private homes. There were posters all over lawns in the area decrying the move. I hope the new owners are better neighbors
 
I don't know enough about this transition, but I know long island real estate. Although Oakdale is not the most exclusive area, 132k per acre seems really low, plus the buildings. The structure alone for the building had to be worth 10 million+, they must have had easily 30,000 square foot academic facility, plus a marina and Bourne Mansion. I think this was a really bad idea..... Not to mention, we had a good amount of money invested in that property, if I recall correctly, they dumped several million into Bourne Mansion alone just to ensure structural integrity of the building when they took it over 15 years ago.....

If I was guessing I would have thought they got 75 mill for this property, easy. BTW, as a point of reference the Old BOCES building in Seaford LI sold for 5 million, it was 5 acres of land with a condemned building. Obviously, Oakdale is not Seaford, but we should have gotten at least 200k per acre plus something for the buildings, which had to exceed 30,000 square feet of facilities.

This was a total mismanaged venture and a fire sale. What a waste.....
 
I don't know enough about this transition, but I know long island real estate. Although Oakdale is not the most exclusive area, 132k per acre seems really low, plus the buildings. The structure alone for the building had to be worth 10 million+, they must have had easily 30,000 square foot academic facility, plus a marina and Bourne Mansion. I think this was a really bad idea..... Not to mention, we had a good amount of money invested in that property, if I recall correctly, they dumped several million into Bourne Mansion alone just to ensure structural integrity of the building when they took it over 15 years ago.....

If I was guessing I would have thought they got 75 mill for this property, easy. BTW, as a point of reference the Old BOCES building in Seaford LI sold for 5 million, it was 5 acres of land with a condemned building. Obviously, Oakdale is not Seaford, but we should have gotten at least 200k per acre plus something for the buildings, which had to exceed 30,000 square feet of facilities.

This was a total mismanaged venture and a fire sale. What a waste.....
Click to expand...

Could be related to zoning. If they couldn't getting approvals to subdivide and build residential real estate, the property was a white elephant with few potential buyers.
 
I don't know enough about this transition, but I know long island real estate. Although Oakdale is not the most exclusive area, 132k per acre seems really low, plus the buildings. The structure alone for the building had to be worth 10 million+, they must have had easily 30,000 square foot academic facility, plus a marina and Bourne Mansion. I think this was a really bad idea..... Not to mention, we had a good amount of money invested in that property, if I recall correctly, they dumped several million into Bourne Mansion alone just to ensure structural integrity of the building when they took it over 15 years ago.....

If I was guessing I would have thought they got 75 mill for this property, easy. BTW, as a point of reference the Old BOCES building in Seaford LI sold for 5 million, it was 5 acres of land with a condemned building. Obviously, Oakdale is not Seaford, but we should have gotten at least 200k per acre plus something for the buildings, which had to exceed 30,000 square feet of facilities.

This was a total mismanaged venture and a fire sale. What a waste.....
Click to expand...
Coupled with the sale of the College of Insurance property.
 
I don't know enough about this transition, but I know long island real estate. Although Oakdale is not the most exclusive area, 132k per acre seems really low, plus the buildings. The structure alone for the building had to be worth 10 million+, they must have had easily 30,000 square foot academic facility, plus a marina and Bourne Mansion. I think this was a really bad idea..... Not to mention, we had a good amount of money invested in that property, if I recall correctly, they dumped several million into Bourne Mansion alone just to ensure structural integrity of the building when they took it over 15 years ago.....

If I was guessing I would have thought they got 75 mill for this property, easy. BTW, as a point of reference the Old BOCES building in Seaford LI sold for 5 million, it was 5 acres of land with a condemned building. Obviously, Oakdale is not Seaford, but we should have gotten at least 200k per acre plus something for the buildings, which had to exceed 30,000 square feet of facilities.

This was a total mismanaged venture and a fire sale. What a waste.....
Click to expand...

My guess is St. John's got much more than stated above. Maybe the sale was parceled. If they actually sold it for 22 million, I agree, they were desperate to unload the property for whatever reason. If the money is used to lower tuition, as someone suggested, it would cover less than $1,200 per undergraduate for one year and it would be exhausted. Bottom line bad investment.
 
$22.5 million sounds like a lot but it really isn't today. I am sure it has been spent already.
 
Maybe they got a deal on a/c in CA and an upgrade on seats. :)
 
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