NYC College Merger Brings $203 Million Gain for Northeastern (1)

Northeastern University’s takeover of New York City’s Marymount Manhattan College provided a $202.7 million windfall, bolstered by its new ownership of prime Manhattan real estate.

The deal added $215 million of land and buildings on Marymount Manhattan’s Upper East Side campus to Northeastern’s balance sheet, according to bond offering documents released this week. The Boston-based university received close to $47 million in investments from the merger, while also taking on $68.3 million in liabilities, including unpaid bills and a loan.

“Our global network of campuses provides the university with valuable resilience at a time of tremendous change in higher education,” ...