What can we blame for the new tuition charges at Cooper Union? Real estate! So Philip Nobel argues: "Building boom in Manhattan? Sell off some long-held properties, including the very prominent lot across the street from the school that is now home to Charles Gwathmey's "Sculpture for Living." Market up but contributions down? Take out a $175 million dollar loan, using the Chrysler Building holdings as collateral, to cover new building projects?.The land under the Chrysler Building, still the school's greatest asset, reportedly generates some $27 million a year, but the lease is only re-negotiatated every decade. The next bump from the rent at Chrysler is expected in 2018, but predicted revenue increases come five years can't save the school now and wouldn't save the school then." [Architect Magazine; previously]
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