Outgoing RU President Moves into Downtown New Brunswick Condo

NEW BRUNSWICK, NJ—After ten years of free housing as Rutgers University's President, Richard McCormick has to get a place of his own.

The Newark Star-Ledger reported he would be relocating to a highrise condo in downtown New Brunswick.

McCormick didn't choose to move into "The Vue," a mixed-use building with 42 condominiums that he himself broke ground on a few years ago.

Sixty percent of those condos remain unsold, according a June 11 press release from the leasing agent, while 40% of the 150 rental apartments are still available.

Instead, the former President was seen on Monday moving into One Spring Street, a 121-unit building that opened in 2006 and is owned by Boraie Development.

McCormick paid $750,000 for the condominium the same year the building opened, according to property records.  Over the past two years, units have sold for amounts between $289,000 to $640,000.

On Monday, Rutgers workers were seen unloading a Rutgers Material Services truck full of McCormick's possessions.

The building's management apparently deviated from their standard procedures that require those moving in or out to use a service entrance.  McCormick's stuff was moved in quickly and directly through the lobby of the 23-story building.

As President, McCormick and his family lived rent-free in the official President's House in Piscataway.  McCormick will continue to work at the University, as its highest-paid professor, after taking a one-year paid sabbatical.  His new salary is $335,000, according to the Ledger.

He made $550,000 annually as the University President.  His successor, Robert Barchi, will make $650,000, as we reported back in April.

 

Charlie is a community organizer, a Rutgers journalism graduate, and a 2018 independent candidate for Mayor of New Brunswick.

He can be reached at (732) 993-9697 or [email protected]