College of New Rochelle closes doors, files for bankruptcyPosted: Updated:
The College of New Rochelle filed for bankruptcy last week about a month after it closed its doors for good.
The unexpected move comes after the former controller pleaded guilty to financial mismanagement, leaving the school more than $30 million in debt.
As part of its bankruptcy, college officials agreed to sell off the 20 buildings on its historic 15-acre campus.
The property is currently zoned for educational or single-family occupancy. In recent weeks, New Rochelle Mayor Noam Bramson says he'd like to keep it as such, but in marketing materials, the sellers have said the property could also work for senior housing, condos or a center for research and development.
Mercy College is currently leasing some buildings until 2020.
There’s no word on when the auction will take place, although News 12 heard it could happen within the next two months.
Real estate experts say a property like this could fetch as much as $30 million on the open market.