Opening Bid For College Of New Rochelle Announced

NEW ROCHELLE, NY — It's not quite "going, going, gone" yet for the College of New Rochelle. However, auctioneers for the 15.6-acre campus now know where the bidding will start.

A&G Real Estate Partners and B6 Real Estate Advisors LLC announced Monday that a $21 million stalking-horse bid has been approved.

The bid was submitted by Northeast Education Development Corporation.

According to A&G and B6, that represents a baseline bid and is subject to higher and better offers in the open auction process.

The auction is scheduled for Nov. 21. Qualified bids are due by Nov. 18.

SEE ALSO:

• For Sale: College Of New Rochelle
• College Of New Rochelle Files For Bankruptcy

"CNR expects the auction to be competitive, as it continues to receive serious interest from a number of potential buyers that recognize the value of this unique asset," the two real estate companies said in a joint statement.

The college is being auctioned off as part of the bankruptcy process which was filed Sept. 20.

The institution found itself in dire financial straits in October 2016 and was, at times, days away from shutting its doors.

Unmet financial obligations, including about $20 million in unpaid payroll taxes, were discovered.

The college closed its doors Aug. 10 after 115 years.

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.

It is located in the Residence Park neighborhood of New Rochelle and is within walking distance to the downtown and Metro-North train station and the Long Island Sound.

For additional information on the sale including inspection dates, please visit www.CNRCampus.com.

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