December 3, 2019
The 15.6-acre College of New Rochelle (CNR) campus has been sold at auction for $32 million. The winning bid came from Trustees of the Masonic Hall & Asylum Fund.
The sale, which was approved by the U.S. Bankruptcy Court, occurred about two months after the New Rochelle, NY-based college declared bankruptcy, following the cessation of classes. A&G Real Estate Partners and B6 Real Estate Advisors managed the sale on CNR’s behalf.
“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,” said Mark Podgainy of Getzler Henrich, CNR’s interim chief restructuring officer. “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.”
For comments, questions or concerns, please contact Paul Bubny