After being rejected by Princeton, three Michael Graves properties slated for purchase by Kean University

2016-06-28T17:27:00-04:00

Through his will, he donated the properties to Princeton University, his neighbor and longtime employer. [...] “We were grateful to be able to consider the possibility of accepting Michael Graves’s properties, but concluded that we could not meet the terms and conditions associated with the gift,” [Princeton] said in a statement. Among those “terms and conditions” were preserving the houses and making them fit for education — a cost that Kean said it was willing to take on.

Estimates by Kean's president, Dawood Farahi, place annual maintenance costs for the three Princeton, NJ properties (including The Warehouse, Graves' home and studio) at $30,000 to $40,000 per year, and "retrofitting the buildings for student use would cost about $300,000. The three properties were appraised for a total value of nearly $3.2 million."

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After being rejected by Princeton, three Michael Graves properties slated for purchase by Kean University