The College of New Rochelle will auction off five single-family homes to raise capital amid its ongoing financial crisis.
“We’re taking this step to help strengthen the academic institution’s financial footing,” said Ron Eagar, the school’s recently appointed chief restructuring officer and a partner at Grassi & Co., the accounting firm charged with overseeing the restructuring and stabilization of the private Catholic college.
The homes, which are owned by the college and sit adjacent to the campus, will be offered individually via a live auction on Dec. 14.
“These are non-core assets of the college, and we’d rather sell these properties to a user or developer than keep them on our balance sheet at this time,” Eagar said in a statement.
One of the five homes College of New Rochelle will auction on Dec. 14. Photo courtesy Madison Hawk
Earlier this month, trustees of the College of New Rochelle announced that a financial probe into the its finances had found $20 million in unpaid payroll taxes spanning eight quarters since 2014 and an additional $11.2 million in debts and liabilities.
Three of the homes that will be sold are used for staff housing and two serve as administrative space. According to Madison Hawk Partners LLC, the New York-based real estate firm that will conduct the auction, two of the homes are move-in ready, while the remaining three residences may require renovations.
The five single-family homes being offered are at 23 Hemlock Place, 17 Hemlock Place, 4 Hemlock Place, 59 Leland Ave. and 55 Leland Ave.
The sale will take place at the Hilton Westchester in Rye Brook. For more information, visit www.MadisonHawk.com/Auctions/NewRochelle.
Founded by the Ursuline Sisters in 1904, The College of New Rochelle includes four schools: the School of Arts & Sciences, the School of Nursing and Health Care Professions, the Graduate School and the School of New Resources for adult learners. In addition to its main campus in New Rochelle, it operates five satellite campuses in the New York City boroughs. The former women’s college decided to become fully coeducational in 2015.