Former President’s Condo Sells for Over $1M

$350,000 Still Outstanding From Lowy’s Loan

NewsAndrew Brennan — Published October 2, 2013

Concordia has announced it has sold the condominium of former president Dr. Frederick Lowy for $1,050,000—$350,000 less than the interest-free loan originally used to secure the downtown residence.

“Based on what I’ve been told, the decision was made that it would be difficult with proliferation of new condo properties—and especially in that price range—to move forward with any confidence,” said university spokesperson Chris Mota.

“It seemed like the best idea based on the current market.”

Lowy had plans to leave Montreal when he was approached to serve his second term as president following the unexplained dismissal of former President Judith Woodsworth.

He served as Concordia’s interim president from January 2011 until August 2012. He also served as president between 1995 and 2005, when he retired—the last Concordia president to do so, with both of his successors before current president Alan Shepard having their mandates cut short.

After the loan from Concordia for Lowy’s downtown property was discovered in May 2012, Mota said Concordia offered to spend the money to help keep Lowy in Montreal following his putting his Docteur-Penfield condo up for sale.

Mota says a group of roughly a dozen donors, including Lowy and his wife Dr. Mary Kay O’Neil-Lowy, have so far pledged about 90 per cent of the difference between the sale price of the condo and the original loan, but could not say how much the university has already received.