The College of New Rochelle’s 15.6-acre campus in New Rochelle, N.Y., is being put up for sale as the school prepares to close this summer.
Lohud.com reports that the campus is being marketed 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 on a sale. The zoning for the property permits residential and educational uses. If any other uses are explored, the city would have to permit it.
The goal is to sell the property as a whole, a college spokesman says.
Aug. 10 is the last day of academics at the 115-year-old private, Catholic college; chapter 11 bankruptcy is expected to follow. The college was unable to escape a financial crisis that included $31.2 million in unpaid bills that had been hidden from financial statements until late 2016.
Selling the campus is a “necessary step to maximize the recovery for all stakeholders,” says Bert Weil of Getzler Henrich, the college’s chief restructuring officer. “This is an institution that has enriched the college experience of thousands of students in Westchester County for over 100 years."
The campus has 425,000 square feet of space spread over 20 buildings. Spaces include four residence halls, a TV production studio, and a 19th-century castle that was built as a residence of Simeon Leland.
The school has an agreement with Mercy College, which has several campuses in the New York City area, to take on transferring students when the college closes. Mercy plans to lease space on the New Rochelle campus through 2020 while the property is being marketed.
Mercy will also maintain the campus during that time, College of New Rochelle spokesman Geoff Thompson said.
"The campus is not going to suddenly go dark," he said.
Some 200 New Rochelle students are expected to graduate in an Aug. 20 ceremony.