Tuesday, January 22, 2008

So How Does NYU Recruit Hard-to-Get Faculty (esp. from a certain school in Morningside Heights)?

Here's how:

Columbia University, in a never-ending search for a larger campus, has long had an outpost for faculty housing at 455 Central Park West — 53 apartments in an 26-story tower attached to the French Renaissance chateau at West 106th Street.

So it was something of a surprise when a foundation associated with New York University bought a large condominium in the complex. The unit, which cost $5.2 million, is built into one of the huge turrets of the chateau....The duplex apartment has a round living and dining room with 37-foot high ceilings and Central Park views, along with three more conventional bedrooms....

Columbia paid $45.4 million for the 53 apartments in 2004, or an average of about $860,000 per unit, a move that helped save the once-struggling development.

And Catherine M. Sharkey, a Columbia law professor, lived in a 2,000-square-foot two-bedroom on the second floor of the tower building.

But last June, the New York University School of Law announced that it had recruited Ms. Sharkey, an expert in product liability law and empirical legal studies, from Columbia. A month later the New York University School of Law Foundation signed a contract to buy the nearly 4,000-square-foot apartment in the same complex for use by Ms. Sharkey.

The property records show that the foundation spent $4.2 million two weeks ago to buy an 80 percent interest in the turreted apartment. The foundation had $155 million in assets at the end of 2006 and it is dedicated to supporting N.Y.U.’s law school, including the hiring and retention of faculty members.

Ms. Sharkey and her partner, Ina Bort, who practices commercial and maternity law in New York, bought the remaining 20 percent interest in the apartment for $1.05 million, but the foundation provided them with a mortgage to cover $650,000 of their share of the purchase price for up to 30 years (unless Ms. Sharkey leaves the university before then).

John Beckman, an N.Y.U. spokesman, said that the university and its law school provide housing for a “very large percentage” of faculty members, but he could not recall the purchase of such an expensive apartment for other faculty members.

In recent years, the foundation paid $3.5 million for an apartment at 99 Jane Street in Greenwich Village and $2.35 million for a condo on Pacific Street in Brooklyn. In 2005, records show the foundation sold a faculty member a half interest in a 20-foot-wide house on West 12th Street for $1.6 million. It provided an $800,000 mortgage.

Mr. Beckman said the law school foundation generally charges rent to faculty members for the use of apartments it owns, which remain the property of the law school foundation....

Somehow I think the appearance of this story in The New York Times is going to result in more than a few visits to the offices of Dean Revesz at NYU.   ("If Professor Sharkey got X, surely I am worth X+!")


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Here's a question that should interest not only Prof. Sharkey, but also Paul Caron: What are the tax implications of this particular employer-subsidized housing?

Posted by: Just curious | Jan 22, 2008 6:33:53 PM

I wouldn't really say that Columbia "has long had an outpost for faculty housing at 455 Central Park West". Columbia has had these 53 condos since the building opened, but that was only in 2005 or maybe late 2004. The condos are not specifically for the law school and the handful of profs I know of who live there all teach in other divisions. Columbia also owns thousands of other apartments closer to its campus, and has owned many of those for decades. Quite a few law professors live in those properties.

Posted by: CU Alum | Jan 23, 2008 3:44:40 PM

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