REAL ESTATE: Moola for Boola

In Manhattan last week, an obscure company named Connecticut Boola, Inc. paid $4,500,000 to R. H. Macy & Co., to buy Macy's spanking new nine-story building in San Francisco. But there is nothing obscure about Connecticut Boola's parent: Boola is the wholly owned subsidiary of Yale University. The new owner promptly leased the store back to Macy's for 31 years and two months, at an average annual rental of $240,000. Thus Yale became Macy's San Francisco landlord.

The "sell & leaseback" deal was doubly advantageous. Yale would get a fairly sure tax-exempt...

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