NYC College Wants to Skip Debt Payments as It Sells Real Estate

The Metropolitan College of New York needs to save itself financially. But first it needs bondholders’ help.

The college, located in New York City’s Financial District with about 1,500 students, wants to pause debt payments for about five years as it works to sell two floors of the office building that houses its main campus, according to a regulatory filing this month. Such a sale would leave it with about one and a half floors.

The campus is close to the World Trade Center and is “underutilized” after enrollment dropped, the college told bondholders earlier this month. Metropolitan College tends ...