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New School Lists $20M West Village Presidential Residence Amid Financial Troubles

New School Lists $20M West Village Presidential Residence Amid Financial Troubles
Traded Media
by Traded MediaShare

Amid financial challenges, Manhattan's prestigious New School University has decided to part ways with its presidential residence. Placed on the market by Sotheby's International Realty, the eye-catching five-story townhouse at 21 W. 11th St., located in the vibrant West Village, stands as a testament to the city's rich history and elegance. This residential jewel, standing just a stone's throw from the university's campus epicenter and overlooking the illustrious Gold Coast, beckons with possibilities as it seeks a new owner willing to invest $20 million.

A Calculated Move

If the property gets sold at the asking price, it would make a significant contribution but only scratch the surface of the New School's fiscal hurdles, particularly the hefty $52 million budget deficit projected for the 2024 fiscal year. The university's decision to part with this exquisite abode marks a strategic step towards addressing its financial woes, as it navigates the ever-evolving landscape of higher education in the heart of New York City.

A Fresh Perspective on Property Transformation

Amid challenging financial circumstances, the decision to sell the esteemed Shalala townhouse has stirred a wave of excitement among students and faculty members alike. Even interim president Donna Shalala has thrown her support behind this popular move. Symbolic in nature, the sale of this brick four-bedroom spread is seen as a significant step towards addressing the university's financial woes, with every million contributing to the bigger picture of financial stability.

A Historic Address on the Market

The announcement of listing the 103-foot-deep Greek Revival Federal Style house at a recent faculty meeting was met with resounding applause, underlining the significance of this property. Beyond its physical dimensions, the house carries a storied past, having been graced by various notable personalities over time. Its rich history and architectural charm add allure to this impending sale, shaping it as more than just a transaction but a transition in the university's narrative.

An Artistic Haven Through the Decades

A longstanding hub for creativity and social gatherings, this 170-year-old home has welcomed a plethora of artistic minds within its walls. From renowned poets like W.H. Auden to celebrated writers such as Philip Roth, the residence has played host to a distinguished circle of friends over the years, fostering a vibrant community that values artistic expression and intellectual discourse.

The Historical Tapestry of the Neighborhood

Nestled in a neighborhood rich in history, this home sits across the street from the site of a tragic event involving the Weather Underground half a century ago. Despite the somber past of the area, the neighborhood continues to evolve, with properties changing hands and new opportunities emerging for prospective homeowners looking to be part of this storied community.

Published: February 23, 2024

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