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college degree is a valuable investment, but so too is real estate. The New School university in Manhattan's Greenwich Village has sold its historic townhouse, which had served as the president's residence, for $10.3 million - nearly half of its original asking price of $20 million.

    The sale was part of an effort to address the school's ongoing budget woes, which have been exacerbated by enrollment and inflation-related issues. The five-story Greek Revival-style townhouse, built in the mid-1800s, boasts 4,038 square feet of living space, including four bedrooms, a formal dining room, and a large garden.

    The university faced significant financial challenges, with an estimated budget deficit of $52 million for the 2024 fiscal year. The sale of the townhouse was seen as a symbolic gesture by some faculty members, but also a necessary step to address the school's financial struggles. "Every million counts," said Sanjay Reddy, a New School economics professor.

    The property had been listed on and off since February 2024, with multiple price cuts before finally selling for $10.3 million in April. The buyer is a trust connected to a high-earning couple. The sale marks the end of an era for the townhouse, which was once a prized asset for the university's president.

    The New School has been grappling with financial difficulties, including low enrollment and high inflation. While the sale of the townhouse will help alleviate some of these pressures, the school still faces significant challenges ahead, including a projected deficit of $30 million this year and a potential five-year shortfall of $100 million without structural changes and increased enrollment.