College of New Rochelle Sold for $32 Million
Real Estate In-Depth | December 2019
NEW ROCHELLE—The unfortunate tale of the troubled College of New Rochelle has officially come to an end after 115 years.
The storied College of New Rochelle campus was sold at auction for $32 million to the Trustees of The Masonic Hall & Asylum Fund. The United States Bankruptcy Court approved the sale in a hearing on Nov. 25. The college succumbed to a financial crisis that began in 2016.
The auction commenced on Thursday, Nov. 21 and, after a spirited round of bidding, was concluded on Friday, Nov. 22. The Trustees of The Masonic Hall & Asylum Fund achieved the winning bid to purchase the 15.6-acre property. A&G Real Estate Partners, LLC and B6 Real Estate Advisors, LLC conducted the auction of the college campus.
“The sale of this storied college’s campus at auction is the final chapter in its long history of providing profitable educational opportunities to over 87,000 men and women for 115 years. We have full confidence that Trustees of The Masonic Hall & Asylum Fund will utilize and develop the campus in a manner that both preserves the legacy of this institution and offers value to the local community,” said Mark Podgainy of Getzler Henrich, the Interim Chief Restructuring Officer of the College.
At press time it was not known what Mason’s (also known as Freemasons) plans are for their newly acquired property.
Earlier this year, Dr. William Latimer, president of the College of New Rochelle. announced that of its approximately 2,700 remaining students, more than 900 graduated in May, and an estimated 200 more student were to graduate this summer in August. Additionally, nearly 1,000 students had already registered and enrolled at Mercy College for the fall semester.
The College of New Rochelle announced in March it had reached an agreement to cease operations and transition students to Mercy College in Dobbs Ferry.
The 20-building campus, encompassing more than 425,000 square feet of buildings is centered around a historic 19th century castle. The campus also features a modern recreational and educational complex, including an NCAA competition-sized swimming pool and basketball court; computer and photography labs; a TV production studio; a 200,000-volume state-of-the-art library; a student center; a life sciences building with several laboratories; four residence halls and a learning resource center for nursing.
The College of New Rochelle campus is situated on the land of former 19th Century hotelier Simeon Leland who built the castle as his summer home. It is located in a residential neighborhood within walking distance to both the Long Island Sound and Downtown New Rochelle.
Mother Irene Gill, O.S.U., found the College of St. Angela—the first Catholic college for women in New York State—in 1904. The first class of students comprised 12 women, all of whom lived and attended class within Leland Castle.
The school’s name was changed to The College of New Rochelle in 1910, and as the school grew, its programs evolved to meet the changing educational needs of its students.