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St. Francis College Endowment
St. Francis College Endowment is the financial engine for St. Francis College, a private Franciscan college founded in 1859 and long based at 180 Remsen Street...
St. Francis College Endowment
St. Francis College Endowment is the financial engine for St. Francis College, a private Franciscan college founded in 1859 and long based at 180 Remsen Street in Downtown Brooklyn. President Timothy Cecere, formerly of WPP, and Chairman Denis Salamone steer a board that governs the endowment's use. The college is a member of the Association of Franciscan Colleges and Universities and the National Association of Independent Colleges and Universities, placing it within a network of small, mission-driven institutions. The endowment's investment posture is overwhelmingly shaped by a single transaction. In 2023, the college sold its historic 180 Remsen Street campus to Rockrose Development for $160 million and relocated to 179 Livingston Street, a Tishman Speyer property known as The Wheeler. While the college does not publicly disclose asset allocation, this real estate divestiture suggests the corpus likely moved into a more liquid, conservative portfolio — typical for endowments of this scale. Prior capital allocation supported student scholarships and operational needs, with known partnerships extending to Wall Street Bound for finance immersion programs. The endowment's scale is modest. Altss estimates total assets near $31 million, placing it in the micro-endowment tier. The team is not structured as a dedicated investment office; governance and deployment strategy are overseen by the Board of Trustees, with Salamone chairing the Development Committee. In September 2023, St. Francis received the Middle States Commission on Higher Education's approval for a substantive change to its multi-campus structure, a regulatory milestone acknowledging the institution's move to The Wheeler. What distinguishes St. Francis College Endowment from a generic small-college fund is the deliberate swap of a 165-year physical campus for an operating model funded by a one-time liquidity event. This is not a gradual building campaign but a structural reset — a Franciscan college now housed in a leased floor of a commercial tower, using the proceeds and corporate partnerships to fund its future rather than its real estate.
General information
Firm type
Endowment
Location
Region
North America
Country
United States
City
Brooklyn
Corporate office
Brooklyn, NY, United States
Principals
Denis Salamone
Chairman of the Board of Trustees
Timothy Cecere
President
Sector focus
Frequently asked questions
How did the $160 million 180 Remsen Street sale affect the endowment?
The 2023 sale of its historic campus to Rockrose Development was the defining financial event for St. Francis College. The proceeds are not held as traditional real estate assets but instead financed the college's relocation to 179 Livingston Street and likely bolstered the liquid portfolio that supports scholarships and programming. Altss estimates the endowment at roughly $31 million post-transition, reflecting a micro-endowment reliant on this liquidity event for future funding.
Who governs the endowment's investment decisions?
The Board of Trustees, chaired by Denis Salamone, governs the endowment. Salamone also chairs the Development Committee, which oversees fundraising and by extension shapes the deployment of endowment funds toward mission priorities. There is no publicly identified full-time chief investment officer, consistent with the endowment's small size.
How is the endowment related to the new campus at 179 Livingston Street?
The college does not own its new campus. It leases space at The Wheeler, a Tishman Speyer commercial building at 179 Livingston Street in Downtown Brooklyn. The move, completed alongside the 2023 campus sale, shifted the endowment's exposure from direct real estate to a more liquid portfolio used to cover lease costs and operating needs.
What is the partnership with Cerberus Capital Management?
Cerberus Capital Management partnered with St. Francis College to launch the Transformative Technology Lab, which provides students with access to emerging technology and mentorship. The lab is housed at the new 179 Livingston Street campus and represents a strategic use of endowment-like resources to bridge academic programming with private-sector expertise.
Does St. Francis College Endowment invest in external funds or direct projects?
The endowment's investment policy is not publicly disclosed, but its scale and structure suggest a primarily liquid, manager-delegated portfolio rather than direct private equity or venture allocations. The transaction history points to a board-managed pool focused on capital preservation and income to support the college's operational budget.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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