Masonic Hall & Asylum Fund Acquires 15-Acre Campus
The trustees of the Masonic Hall & Asylum Fund have acquired The College of New Rochelle, a 15.6-acre college campus in New Rochelle, N.Y. for $32 million.
NEW YORK CITY– The trustees of the Masonic Hall & Asylum Fund have acquired The College of New Rochelle, a 15.6-acre college campus in New Rochelle, N.Y. for $32 million. B6 Real Estate Advisors and A&G Real Estate Partners arranged the transaction.
“The sale of this storied college campus at auction is the final chapter in its long history of providing profitable educational opportunities to over 87,000 men and women for 115 years,” said Mark Podgainy of Getzler Henrich, the interim chief restructuring officer of the college, in a prepared statement.
Bidding for the asset sold at auction was intense, which lasted through Nov 21st through the 22nd. The United States Bankruptcy Court approved the sale of the property to the Masonic Hall & Asylum Fund for development.
“We have full confidence that Trustees of The Masonic Hall & Asylum Fund will utilize and develop the campus in a manner that both preserves the legacy of this institution and offers value to the local community,” Podgainy said.