Like many other universities in the nation, Columbia's endowment soared during the 1990s, jumping to over $4 billion. Likewise, annual donations to NYU have more than tripled since Oliva took over.

Both universities have also seen similar growth in their applications. Applications have tripled and the percentage of students accepted has fallen from over 30 percent at Columbia and 65 percent at NYU to 13 percent and 29 percent respectively.

In his e-mail, Rupp listed several other accomplishments of his tenure.

He cited improved relations with neighbors in New York City and the school's strong financial health among his proudest accomplishments.

Similarly, Oliva, 67, said he plans to stay in office until the new student center is finished--an idea he first proposed 25 years ago.

Neither president has announced plans for the future, but after 25 years as either a university president or dean, Rupp did rule out becoming president of another university. He said he might continue teaching at Columbia.

"I take it as a weighty responsibility to transfer leadership to my successor without losing the momentum we are now experiencing. I will be fully and energetically engaged in the life of the institution until the day I leave office," he wrote.