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.
— nytimes.com
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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The best NJIT and Urs Gauchat could do is buy Steve's Pubway.
#fireurs time for Urs to make an #ursexit
"His will stated that if Princeton did not accept the gift, it would be offered to another nonprofit. Kean was a logical choice: Graves spent the last years of his life working with the university to create its new architecture program, which admitted its inaugural class last fall."
NY Times
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