Rare 15.6-Acre Parcel in New Rochelle to Be Sold
A&G Realty Partners (“A&G”) and B6 Real Estate Advisors (“B6”) have been retained by the College of New Rochelle (“CNR”) to manage the sale of its main campus in Westchester County, New York. A&G and B6 are currently accepting bids for the 15.6-acre private college campus in the Residence Park neighborhood of New Rochelle.
The announcement of the sale follows the college’s announcement that it will be ceasing operations later this summer.
“The primary goal underlying our mutual agreement with Mercy College has been to provide maximum protection to students by providing a clear path forward to complete their degrees,” said Dr. William Latimer, President of the College of New Rochelle. “We are pleased to announce that of the approximately 2,700 remaining students, more than 900 graduated this spring, and an estimated 200 more students will graduate this summer in August. Additionally, nearly 1,000 students have already registered and enrolled at Mercy College for the fall semester, which will afford them a seamless transition as they continue their educational journeys. We are continuing our work with Mercy College to ensure that each and every student has a path forward.”
The 20-building campus, encompassing over 425,000 square feet of buildings is centered around a historic 19th century castle. The campus also features a modern recreational and educational complex, including an NCAA competition-sized swimming pool and basketball court; computer and photography labs; a TV production studio; a 200,000-volume state-of-the-art library; a student center; a life sciences building with several laboratories; four residence halls and a learning resource center for nursing.
“This is an institution that has enriched the college experience of thousands of students in Westchester County for over 110 years,” saidBert Weil of Getzler Heinrich, the Chief Restructuring Officer of CNR. “Selling the campus is a necessary step to maximize the recovery for all stakeholders. We are pleased to have two well-respected and experienced firms in A&G Realty and B6 Real Estate Advisors to oversee the sale of this prime asset and assist us in this strategic plan.”
The College of New Rochelle campus is situated on the land of former 19th Century hotelier Simeon Leland who built the castle as his summer home. It is located in a quaint residential neighborhood of New Rochelle and is within walking distance to both the Long Island Sound and downtown New Rochelle. The property is zoned R2-7 residential, which permits residential and educational use. If sold to a developer, the City of New Rochelle would review proposals for other potential uses that could activate the campus, while respecting the surrounding neighborhood, such as educational, technology, research and development, health and wellness, senior housing (assisted and independent living) and condominiums.
“The CNR campus sits on 15.6 pristine acres and offers one of the most unique redevelopment opportunities in Westchester County,” said Emilio Amendola, Co-Founder and Co-President of A&G Realty. “It is an operating college and ideal for continued use as an educational institution. Alternatively, it could be redeveloped into residential or other appropriate uses through collaboration with the City government and New Rochelle community.”
“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,” said Jeff Hubbard, Executive Managing Director of B6 Real Estate Advisors. “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.”
For additional information on the sale including inspection dates, please visit www.CNRCampus.com
About A&G Realty Partners
A&G Realty Partners are the real estate industry leaders in both Chapter 11 and Non-Chapter 11 dispositions. A&G Realty clients include some of the nation's most recognizable companies in distressed and healthy situations including Sports Authority, ITT Technical Institute, Career Education including Briarcliff College, A&P, Golfsmith, Office Depot and RadioShack. A&G Realty is a leader in finding innovative ways to consolidate and reconfigure real estate to achieve the highest possible value, and has disposed of more than 500 million square feet of space. A&G Realty Partners was founded in 2012 and is headquartered in New York with offices in Chicago and Los Angeles. For more information, please visit www.agrealtypartners.com.
About B6 Real Estate Advisors
B6 Real Estate Advisors is an investment sales and capital advisory firm with operations in New York City and New Jersey. The firm employs a distinct Territory Network model that ensures sub-market expertise for its agents along with an owner-aligned philosophy and a technology-forward platform. B6 agents are empowered with market intelligence and a fully integrated and customized proprietary platform that enables them to provide the highest level of transparency and value for their clients. To learn more about B6 Real Estate Advisors, please visit http://www.b6realestateadvisors.com/
