It's a diversity thing...

Recruiting With Real Estate:

"The property records show that the foundation spent $4.2 million two weeks ago to buy an 80 percent interest in the turreted apartment. The foundation had $155 million in assets at the end of 2006 and it is dedicated to supporting N.Y.U.’s law school, including the hiring and retention of faculty members.

Ms. Sharkey and her partner, Ina Bort, who practices commercial and maternity law in New York, bought the remaining 20 percent interest in the apartment for $1.05 million, but the foundation provided them with a mortgage to cover $650,000 of their share of the purchase price for up to 30 years (unless Ms. Sharkey leaves the university before then).

John Beckman, an N.Y.U. spokesman, said that the university and its law school provide housing for a “very large percentage” of faculty members, but he could not recall the purchase of such an expensive apartment for other faculty members."