Court OKs Masons Purchase Of College Of New Rochelle: UPDATE

NEW ROCHELLE, NY — The auction for the College of New Rochelle campus was won by the Masons. Trustees of the Masonic Hall and Asylum Fund bid $32 million for the 15.6-acre property, coming up with $11 million more than the opening bid.

The deal was approved Monday in United States Bankruptcy Court. The auction started Thursday and ended Friday.

"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 woman for 115 years," said Mark Podgainy of Getzler Henrich, the interim chief restructuring officer of the college.

"We have full confidence that trustees of the Masonic Hall and Asylum Fund will utilize and develop the campus in a manner that both preserved the legacy of this institution and offers value to the local community," he said.

According to their website, the Masonic Hall and Asylum Fund was created by state law in 1864 to oversee maintenance and protection of "certain assets of the New York State Masonic Fraternity."

The trustees built and now maintain the Masonic Hall in New York City and the Masonic Care Community.

They oversee the operation of Round Lake Camp in northern Oneida County and maintain the DeWint House, which is George Washington's headquarters and historic site in Tappan.

In October, Northeast Education Development Corporation was announced as the $21 million stalking-horse bid.

There are 20 buildings on the New Rochelle campus, encompassing more than 425,000 square feet. Among the features are a historic 19th-century castle, a modern recreational and educational complex, computer and photography labs, a television production studio and a 200,000-volume library.

The college filed for bankruptcy Sept. 20 and the auction was part of the bankruptcy process.

The institution, which is located in New Rochelle Residence Park neighborhood, found itself in extreme financial straits in October 2016.

It was, at times, days away from shutting its doors.

However, the college managed to remain open until Aug. 10. It had been in operation for 115 years.

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