4 College Of New Rochelle Homes Sold At Auction

NEW ROCHELLE, NY — The auction of homes owned by the College of New Rochelle, in which the financially strapped institution was trying to raise money, saw the sale of four of the five homes. Madison Hawk handled the auction, which took place in December.

The four homes, some of which were used as offices, sold combined for a little more than $2 million, the Journal News said.

The college announced in November 2016 that the single-family homes would be put on the auction block.

At the time, Rob Eagar, chief restructuring officer and partner at Grassi & Co., said the school was selling the homes to help strengthen the institution’s financial footing.

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He called the houses “non-core assets of the college, and we’d rather sell these properties to a user or developer than keep them on our balance sheet at this time.”

The financial crisis came to light in October 2016. President Judith Huntington resigned and Provost and Senior Vice President for Academic Affairs Dorothy Escribano was named interim president.

It was discovered the college did not make payroll tax payments for eight quarters, and it owed $20 million.

Additional debts and liabilities totaled $11.2 million.

The college’s financial situation has stabilized and classes have continued.

Read the Journal News here.

Patch file photo.