After formally separating from the University, the Prep moved to then-new Shea Hall in 1972, erected on what were once fields at the northwestern corner of the campus.

Rising construction costs, coupled with the recent separation from the University, brought the Prep into poor financial standing by the early 1970s.

Generous donations by alumni, including those of aerosol-valve inventor and 1939 alumnus Robert Abplanalp, and a series of benefit concerts given by entertainers such as Bing Crosby and Bob Hope, were instrumental in funding the expansion to Shea Hall.

By the end of the decade, however, the school still remained burdened by the immensity of its debt, which was subsequently reduced after the failure of its mortgage-holder, Franklin National Bank, and a compromise bartered by 1929 alumnus and former Governor of New York Malcolm Wilson.

Students either study Latin or Ancient Greek freshman year, after which they may continue or take a modern language such as French, Italian, Mandarin Chinese, or Spanish.

Constructed in 1991 as part of the Maloney Hall addition, The Leonard Theatre is a one-thousand-seat performing arts venue.