Orangetown hits stalemate in effort to acquire Nyack College campus

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