The Assassin's Academy is our newest limited-time-to-request-upgrade-parts New York City property! You have until 5:00 PM (Pacific Time) on Sunday 1/23 to upgrade it to its maximum potential through feeds/requests. The Assassin's Academy will retain the level to which you are able to upgrade it by the time the countdown timer reaches 0:00:00, after which the only way to upgrade the property will be by purchasing the remaining parts you need with RP.
The Assassin's Academy will allow you to craft some deadly loot, including the Assassin (82/119 +5 Energy at emerald level) as you upgrade the property with the help of your Mafia sending you upgrade parts!
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Info from Official Mafia Wars Blog