Campus of College of New Rochelle up for Sale as it Prepares for Closure
“college was sunk by a financial crisis that included $31.2 million in unpaid bills that had been hidden from financial statements until late 2016”
This is now happening on a near weekly basis. Someone needs to think of something to do with all these empty campuses.
Lohud reports:
College of New Rochelle campus up for sale as school readies for shutdown
The College of New Rochelle’s 15.6-acre campus is being put up for sale as the school prepares to close this summer.
The two firms hired to manage the structured sale are marketing it for potential redevelopment as residential, senior housing or research and development.
“It is an operating college and ideal for continued use as an educational institution,” Emilio Amendola, co-founder and co-president of A&G Realty said in a statement. “Alternatively, it could be redeveloped into residential or appropriate uses through collaboration with City government and New Rochelle community.”
A&G is working with B6 Real Estate Advisors, according to an statement from the firms. The zoning for the property permits residential and educational uses and if any other uses are explored, the city would have to permit it.
Calls to city officials weren’t immediately returned Monday.
The goal is to sell the property as a whole, a college spokesman told The Journal News/lohud.
Aug. 10 is the last day of academics at the 115-year-old private, Catholic college with chapter 11 bankruptcy expected to follow. The college was sunk by a financial crisis that included $31.2 million in unpaid bills that had been hidden from financial statements until late 2016.
That debt included more than $20 million in unpaid state and federal payroll taxes. As the college winds down operations, it has been unable to keep up with its debt payments and has received several default notices from debtors, as previously reported by The Journal News/lohud.
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Comments
This news is very sad. I knew faculty members of CNR, mostly nuns, who were some of the most devoted educators I have ever known.
Many financially stressed colleges created their own problems by incompetent administrators caving in to student and faculty pressure groups (Hampshire, Evergreen State, Oberlin, and Reed come to mind). CNR was not one of those colleges, at least when I was familiar with their curriculum. It is sad to see them closing their doors.
Sad news. CNR had a long-standing reputation as a solid liberal arts college.
I’m afraid, though, that the landscape in higher ed has now changed such that these small, local and regional colleges aren’t economically viable.