The College of New Rochelle’s 15.6-acre campus in the Residence Park neighborhood of the city is up for sale, and bids are now being accepted by A&G Realty Partners and B6 Real Estate Advisors, which have been retained by the college to manage the sale.
The college is shutting down this summer and has an arrangement with Mercy College to allow CNR students to continue their educations through that school. William Latimer, president of CNR said nearly 1,000 of its students have registered at Mercy for the fall semester.
The Business Journal was told that a lease for the property into the year 2020 exists, but the tenant, an educational institution, cannot be disclosed until there has been approval from the state Department of Education.
A&G Realty Partners of New York City has as part of its business the handling of real estate for owners who are dealing with bankruptcy or other situations requiring that they do something with their holdings. It has worked with companies such as Sports Authority, A&P, Office Depot and RadioShack. B6 Real Estate Advisors is an investment sales and capital advisory firm with operations in New York City and New Jersey.
CNR’s campus has 20 buildings that contain a total of more than 425,000 square feet of space. A 19th-century castle is a dominant feature on the campus. The castle was built as a summer home for hotel operator Simeon Leland who had owned the land. The campus is zoned to allow residential and educational use.
Emilio Amendola, co-founder and co-president of A&G Realty, said that the property would be ideal for use by another educational institution. “Alternatively, it could be redeveloped into residential or other appropriate uses through collaboration with the city government and New Rochelle community,” he said.
Jeff Hubbard, executive managing director of B6 Real Estate Advisors, 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. There has been significant interest since the college first announced its closing and our team has created a structured sale process that will streamline the transaction for both the buyers and the college.”
Dates for touring the property are July 10 and 17 by appointment with A&G or B6.