College Of New Rochelle Officially Files For Bankruptcy
“Final bidding procedures and deadlines will be announced once approved by the court.”
This is the end for this school. The only thing left to do after this is sell the property.
College Of New Rochelle Files For Bankruptcy
The College of New Rochelle officially filed for bankruptcy Friday, and the main campus will be sold via an auction. The college, which closed its doors Aug. 10 after 115 years, filed for Chapter 11 in the U.S. Bankruptcy Court in the Southern District of New York.
According to a spokesperson, Mercy College will lease the campus and utilize the facilities for educational activities through 2020.
A&G Realty Partners and B6 Real Estate Advisors, who were retained by CNT as real estate advisors, announced that the deadline to submit qualifying bids to participate in the bankruptcy auction is anticipated to be in early November.
Final bidding procedures and deadlines will be announced once approved by the court.
Mark Podgainy of Getzler Henrich & Associates, the interim chief restructuring officer for the college, said the bankruptcy filing is the final chapter for the institution.
“Over the course of the last 115 years, CNR has provided more than 87,000 students — women and men, both traditional age and adult learners — with the opportunity to better their lives through education,” he said.
“We are pleased to have two well-respected and experienced firms in A&G Realty and B6 Real Estate Advisors to oversee the sale of the campus as it transitions to its next chapter,” Podgainy said.
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This is very sad. CNR was once a highly respected school, with well-qualified faculty and good, useful programs and majors. I’m sorry to see it go.
So Mercy College can use it for a year or so, but in the long run they’re facing the same ongoing decline in students.
The College of New Rochelle could have continued operating as an arm of the Chinese military or Saudi Islam.