Why is NYU color purple?

Excuse me, but could you elaborate on the reason behind the distinctive purple color associated with New York University? I'm quite intrigued to understand the significance and origin of this particular hue that has become synonymous with the esteemed institution. Is it a nod to a historical figure, a tradition that's been passed down through the years, or perhaps a deliberate choice to distinguish NYU from other universities? I'd be grateful if you could shed some light on this matter.