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Real Estate
College Of New Rochelle Campus Sells For $32M At Auction College Of New Rochelle Campus Sells For $32M At Auction
College Of New Rochelle Campus Sells For $32M At Auction  After being forced to shutter its doors earlier this year, the College of New Rochelle has found a buyer for its campus officially after filing for Chapter 11 bankruptcy. Following a three-year financial crisis, the 115-year-old college concluded classes on Saturday, Aug. 10. Mercy College is temporarily leasing the campus and will use the facilities through 2020. On Monday, Nov. 25, The Masonic Hall & Asylum Fund announced it had purchased the 15.6-acre campus for $32 million at auction. The United States Bankruptcy Court has already approved the sale at a hearing held on Mo…

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by Zak Failla
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Westchester Real Estate Developer Sentenced For Operating Ponzi Scheme, Ordered To Forfeit $58M Westchester Real Estate Developer Sentenced For Operating Ponzi Scheme, Ordered To Forfeit $58M
Westchester Real Estate Developer Sentenced For Operating Ponzi Scheme, Ordered To Forfeit $58M A real estate developer will spend time behind bars for operating a years-long $58 million Ponzi scheme that included properties in the area. Michael D’Alessio, 53, was sentenced on Friday, April 5 to six years in prison for his elaborate scheme to defraud investors in luxury real estate developments in Manhattan, the Hamptons, Westchester and elsewhere.  In addition to the prison term, D'Alessio was sentenced to three years of supervised release and order to pay forfeiture in the amount of $58,090,047. D'Alessio is the former president and CEO of real estate development firm Michael …

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by Joe Lombardi