Academic

Law Professor Housing Subsidies: The Rich Really Are Different

By Dan Filler

The Wall Street Journal reports today that Hans Smit, a legendary Columbia law professor, is holding firm in his efforts to sell his Manhattan home for $30 million.  He turned down a $20 million dollar offer for the crib (pictured at left) which he acquired from Columbia University, in 1979, for $325,000.  If he gets his thirty million, he'll have reaped a delicious 16% annual return on his investment.  If he ends up taking the chicken feed, he'll be suffering with a mere 15% annual return.  Either way, not bad for a pointy headed academic. 

With similar luck, the NYU law faculty ought to be pretty darn comfy 29 years from now!

Full post as published by The Faculty Lounge on February 22, 2008 (boomark / email).