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NYC Prep School Debt Boom Leaves Italian Academy in Crisis

  • La Scuola d’Italia says Gates Capital steered it to risky deal
  • Gates says it didn’t have fiduciary duty to La Scuola
La Scuola d’Italia rendering
La Scuola d’Italia renderingSource: La Scuola d’Italia
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Steve Acunto, the chairman of La Scuola d’Italia, a bilingual English-Italian private school in Manhattan, stood on a dais at its annual gala in March 2016 and pointed to an 8-foot model of the school’s new 11-story home near Columbus Circle.

The building on West 58th Street would have a nursery school, theater, gymnasium, specialized science facilities and enough space for 680 students, more than twice its enrollment at the time. “We’re going to become the absolute best institution of its type in the world," Acunto told a reporter.