As I mentioned previously, the space issue is coming to a head because they sold the "campus" (building) that housed their athletic facilities earlier last year. They had a pool (water polo, swimming) and a basketball gym (volleyball, basketballs). Track & soccers were their other sports, and they rented space at area schools (or soccers went to a field right next to the water down in the pier areas in Brooklyn).
SFBK is a private school - they aren't affiliated with the CUNY which is where majority of D3's in the city are affiliated. There are a number of other private schools that compete at the D3 level (St. Joseph's of Brooklyn, Manhattanville, Yeshiva, many others), but they all have gyms.
SFBK was using Pratt Institute (another D3) to play its home games this year. They literally don't have a gym, let alone any other facilities.
In addition to this, the sale of their prior building apparently fell through - so they are paying rent for that building while also renting their new building. That may have played a role in the expedited decision. But this was likely going to happen eventually, regardless of that sale. They have nothing to call "home" in their new building - not even a locker room.