NYU Local has reported on NYU’s tendency to give bigshot professors and administrators loans on multimillion-dollar residences, and pay that far outstrips most of the faculty. Everyone knows about the $25 million tax-exempt real estate company tucked away in the returns. It’s also public knowledge that former NYU EVP and current Secretary of Treasury Jack Lew received a $1.5 million mortgage on top of a pretty hefty severance package, and that the university has $72 million in outstanding real estate loans to other faculty members.
But beach houses? Beach houses are a new one.
The New York Times reported yesterday that NYU distributed loans to at least five upper administrators for second homes in Connecticut and the Hamptons. This includes a series of loans totaling $1.6 million for John Sexton’s kick-ass Fire Island getaway, a $5.7 million loan to former law dean Richard Revesz including a 65-acre Connecticut property, and a $200,000 loan to EVP Martin Dorph on a home that he already owned. And both portions of Sexton’s and Dorph’s loan are being either partially or completely forgiven.