The Metropolitan College of New York needs to save itself financially. But first it needs bondholders’ help.
The college, located in New York City’s Financial District with about 1,500 students, wants to pause debt payments for about five years as it works to sell two floors of the office building that houses its main campus, according to a regulatory filing this month. Such a sale would leave it with about one and a half floors.
Metropolitan College says it faces extra pressure because more than 70% of its students are women balancing work and family, and more than 80% are economically disadvantaged. Its students were more likely to face challenges like job loss and the death of a loved one during the pandemic, the college said in its filing.
In the meantime, the college will work to sell two floors of its campus. All the proceeds from a sale would go to pay the deferred debt service payments and redeem the bonds.
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