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Financial Crisis

Real Estate
For Sale: College Of New Rochelle's Campus With 425K Square Feet, 20 Buildings For Sale: College Of New Rochelle's Campus With 425K Square Feet, 20 Buildings
For Sale: College Of New Rochelle's Campus With 425K Square Feet, 20 Buildings The College of New Rochelle is selling off its assets as it prepares to close its doors later this summer. After 115 years, the College of New Rochelle was forced to shutter its doors following a three-year financial crisis. Following its final graduation ceremony, the college’s 15.6-acre campus has been put up for sale, days after reports that the school was failing to pay its bills to multiple creditors. The campus is spread over approximately 425,000-square-feet and includes 20 buildings. The zoning for the property allows for both residential or educational use. Any other options would…

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by Zak Failla
Schools
It's Official: College Of New Rochelle Sets Date For Closure It's Official: College Of New Rochelle Sets Date For Closure
It's Official: College Of New Rochelle Sets Date For Closure The College of New Rochelle is officially shuttering its doors at the conclusion of its summer semester and an agreement has been finalized to transfer students to Mercy College for the beginning of the fall semester. Amid a three-year financial crisis, CNR and Mercy announced on Tuesday that they’ve entered into an Agreement of Mutual Cooperation that will “ensure a seamless transition for CNR students to continue their education at Mercy.” According to Mercy College, the agreement allows CNR students in good standing the opportunity to transfer to Mercy College, as CNR’s designated prefer…

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by Zak Failla
Schools
Local Parents Head To Hartford To Protest School District Consolidation Local Parents Head To Hartford To Protest School District Consolidation
Local Parents Head To Hartford To Protest School District Consolidation Fairfield County parents are among dozens taking the trek to Hartford to express their discontent over proposals to consolidate state school districts. A standing-room-only crowd is expected at the Connecticut State Capitol on Friday, March 1 to urge Gov. Ned Lamont and other lawmakers to further evaluate proposals to consolidate school districts. Hundreds of written complaints in opposition of the plan were sent to the governor’s office, and there was reportedly a line of concerned parents at the Capitol ready to speak well in advance of the 1 p.m. Education Committee of the General Assemb…

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by Zak Failla
Schools
College Of New Rochelle Closure Seen As Likely College Of New Rochelle Closure Seen As Likely
College Of New Rochelle Closure Seen As Likely Amid a near three-year financial crisis, the College of New Rochelle may be shutting its doors for good at the end of the summer semester. In 2016, the college’s Board of Trustees was alerted about “significant unmet financial obligations that had accrued over a period of time.” The Board subsequently launched an investigation and enlisted the help of officials to restructure and manage CNR’s finances. A forensic accountant and outside legal counsel were also hired to perform the investigation. The investigation ultimately found that CNR hadn’t paid upwards of $20 million in payroll taxes d…

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by Zak Failla