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VALHALLA — After nearly a year of negotiations, Touro College has agreed to pay $60 million to buy New York Medical College, the Archdiocese of New York announced.
Touro, a Jewish university with campuses on Long Island and in New York City, will assume control of the Valhalla medical school in mid-2010, according to Catholic New York, which is published by the archdiocese.
The archdiocese will put about $30 million immediately into a fund for New York Medical College's business, operations and programs, with the remainder deposited in an endowment fund that will be used exclusively for the archdiocese's health care programs for those in need, the announcement said.
[snip]
It is unclear how Touro's takeover of New York Medical College will affect faculty or students.
In the spring, a group of students were opposed to the sale, citing concerns over Touro's reputation after two of the college's employees were indicted in a well-publicized "cash for grades" scheme in 2007.
Other students expressed anger over the lack of transparency. Many students said they learned their medical school was for sale through reports in The Journal News.
http://www.lohud.com/article/200912...lege-to-buy-New-York-Medical-College-for--60M
$60 million seems really cheap... considering tuition of 200 students over 4 years is easily $35 million.