In the wake of Cooper Union’s contentious decision to begin charging admission, The New York Times has published an in-depth study of the school’s finances, particularly its ownership of the land under the Chrysler Building. While the land earns a rent of $9 Million a year, it would be difficult to sell in an emergency, yet comprises 84% of the school’s assets. Combined with the debts accrued for the construction of the school’s new campus building, the article paints a bleak picture of the storied institution’s finances. “There was never any sense of giving back. Cooper never asked. We always thought Cooper didn’t need the money because it had the Chrysler Building. Forty years ago, I would have stressed to students that someone had to make it possible for you to come here for free.” Says trustee Thomas Driscoll.
Read more at The New York Times