For Sale: College Of New Rochelle

NEW ROCHELLE, NY — With the final day of classes rapidly approaching at the College of New Rochelle, it should come as no surprise that A&G Realty Partners and B6 Real Estate Advisors announced that bids are currently being accepted for the 15.6-acre private college campus.

The 20-building campus, comprised of more than 425,000 square feet of buildings, is centered around a historic 19th-century castle.

The college features a modern recreational and educational complex, including an NCAA competition-sized swimming pool and basketball court; computer and photography labs; a television 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.

Bert Weil of Getzler Henrich, the chief restructuring officer for the college, said he was pleased to have two respected and experienced realty firms oversee the sale of the campus.

"This is an institution that has enriched the college experience of thousands of students in Westchester County for over 110 years," he said. "Selling the campus is a necessary step to maximize the recovery for all stakeholders."

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 the Residence Park neighborhood of New Rochelle and is within walking distance to both the Long Island Sound and downtown New Rochelle.

The property is zoned R2-7 residential, which permits residential and educational use, officials said. If sold to a developer, the City of New Rochelle would review proposals for other potential uses that could be located on the campus, while respecting the surrounding neighborhood, such as educational, technology, research and development, health and wellness, senior housing (assisted and independent living) and condominiums.

Jeff Hubbard, executive managing director of B6 Real Estate Advisors, said there has been significant interest since the college announced its closing.

"Our team has created a structured sale process that will streamline the transaction for both the buyers and the college," he said. "Properties such as this rarely become available and offer a one-of-a-kind opportunity to leverage an established turnkey educational campus for a variety of uses."

The final day of classes at College of New Rochelle is Aug. 10. There will be a final graduation ceremony for up to 250 students who will have finished their degrees over the summer.

The school discovered in October 2016 that it was in a severe financial situation, with massive unmet obligations, including about $20 million in payroll taxes that went unpaid.

For more information on the sale of the campus, go here.

CORRECTION: This article has been modified to correct the name of Getzler Henrich, the sales and marketing consulting firm. Incorrect information was originally submitted.

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