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$30m donation buys Steinhardt building.

Philanthropist, financial advisor and investment manager William E. Macaulay is giving $30 million--the largest donation in the history of The City University of New York--for the purchase of the Stenhardt Building that will become the permanent home for the CUNY Honors College.

Macaulay is chairman and chief eExecutive officer of First Reserve Corporation, one of the ten largest private equity firms in the world with $12.5 billion under management.

His gift for the purchase of the Steinhardt Building, a Gothic revival structure at 35 West 67th Street, currently the home of the Makor and Daytime@ programs of the 92nd Street Y, will provide the Honors College with state-of-the-art classroom space, a lecture hall, seminar and meeting rooms, administrative offices, a dining hall and other common gathering space for students.

Chancellor Matthew Goldstein said he will recommend to the CUNY Board of Trustees a resolution for their consideration designating the William E. Macaulay Honors College of The City University of New York when the board meets.

The building's sale was arranged by CB Richard Ellis. Brian D. Gell, vice chairman; Timothy E. Sheehan, senior vice president; Edward E. Midgley, first vice president; and Steven Robinson, associate, represented the 92nd Street Y in the transaction.

The City University of New York was advised by CB Richard Ellis's Stephen B. Siegel, chairman of global brokerage; David Hollander, senior vice president and Sacha Zarba, senior associate.

Constructed in 1904, the Steinhardt Building was for many years the home of the Swiss Benevolent Society. It was restored and renovated in 1999 by philanthropist Michael Steinhardt, who donated it to the 92nd Street Y in 2001.

Macaulay is a 1966 honors graduate of City College, where he majored in economics at what is now Baruch College. He also holds an MBA from the Wharton School of the University of Pennsylvania.

Macaulay said: "One of the most important things we, as parents, and as a society, can do is to give our youth the best possible education. I want to help ensure that young people today can get a high quality education just as I received at CUNY some four decades ago.

"The turnaround at CUNY over the past several years under Matt Goldstein has given me the confidence and inspiration to help support the University through this gift."
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Publication:Real Estate Weekly
Date:Sep 20, 2006
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