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Outgoing RU President Moves into Downtown New Brunswick Condo

Richard McCormick Was Seen Moving into One Spring Street on Monday
McCormick Moves In
Former President McCormick's stuff arrives at One Spring Street, his new off-campus home. Charlie Kratovil

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.