The Town of Orangetown has reached a stalemate in its efforts to purchase the former campus of Nyack College with the Hasidic congregation that owns the property.
According to a Rockland County Business Journal report based on input from unnamed “sources familiar with the negotiations,” the town has been offering between $63 million and $70 million for the 107-acre campus, which was acquired in 2020 for $45.5 million by Yeshivath Viznitz D K Hal Torath Chaim Inc. and is now used as a religious school.
Town Supervisor Teresa Kenny stated that “despite our best efforts, the parties could not reach agreement.”
It is also unclear how the town would pay for the campus. Orangetown”™s total budget in 2022 was approximately $82 million, of which $6.75 million has been allocated to debt service on existing bonds and other obligations. A bond of nearly $70 million, with an interest rate of about 4% to 5%, would likely add $2.8 million in debt service to the residents”™ tax burden.
Photo: MR1882 / Wikimedia Commons
