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44°
Sunday, apr 28
Tag:
Real Estate Auction
Real Estate
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…
Real Estate
College Of New Rochelle Files For Bankruptcy
After being forced to shutter its doors earlier this year, the College of New Rochelle has officially filed for Chapter 11 bankruptcy and its campus is expected to be sold within the next two months. 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. In response to the financial crisis, the college has been selling off its assets, including its 15.6-acre campus, which includes more than 425,000-square-feet and includes 20 buildings. A&G Realty…
Schools
Third School Steps Up To Help Displaced College Students In Westchester
A third university is stepping up to offer a helping hand to students at the College of New Rochelle, which is expected to shutter its doors at the conclusion of its 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. Last week, the college announced that after 115 years…