I heard this on a podcast a while back. Long story short, St. John's
cannot do this anymore.
For the long part, the podcast (I'm forgetting the name right now, but if anyone is interested I can look it up later) talked about how St. John's used to have a huge advantage in recruiting because of a certain NCAA rule. That rule was that if you did not have on-campus dorms, you could pay student-athletes in cash the money needed to live near the respective university.
As you can imagine, recruits loved this especially those that already lived in NYC as they could pocket the cash. However, I forget exactly when this happened but St. John's built on-campus dorms at which point St. John's could no longer offer this sweet deal to recruits.
St. John's has been nothing short of garbage in the college basketball world ever since.
I also found this article that summarizes the subject back in 2008:
Did Growing as a School Cost St. John's Hoops?