College of New Rochelle to Auction Off 5 Homes to Offset Financial Crisis

NEW ROCHELLE, NY — As part of its strategy to extricate itself from a financial crisis, the College of New Rochelle is auctioning off five single-family homes that it owns.

The homes are located adjacent to the college’s campus in New Rochelle.

Madison Hawk Partners LLC, a national real estate firm, will conduct the one-day live auction Wednesday, Dec. 14 on behalf of the college to raise capital.

Rob Eagar, chief restructuring officer and partner at Grassi & Co., said the college was taking the step of selling the homes to help strengthen the institution’s financial footing.

Grassi & Co. has been charged with overseeing the restructuring and stabilization of the 105-year-old private college.

“We’ve retained Madison Hawk to create and manage an auction sale process as a way to generate capital,” Eagar said. “These are 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 was uncovered in October. President Judith Huntington stepped down and Provost and Senior Vice President for Academic Affairs Dorothy Escribano was named interim president.

Preliminary inquiries found the college did not pay payroll taxes totaling $20 million over a period of eight quarters, beginning in 2014.

Additional debts and liabilities total $11.2 million.

School officials have said the last resort is closing the college and placing students in other schools.

Three of the homes are currently being used as staff housing, with the other two serving as administrative space.

Two are move-in ready for individual homebuyers or investors, a spokesman said. The remaining three are described as “excellent opportunities for a builder to purchase, renovate and sell or rent.”

The five single-family homes being offered include:

• 23 Hemlock Place: A three-story, seven-bedroom home featuring three bathrooms, vintage woodwork and a nicely landscaped backyard. The legal two-family home could be used as a multi-family home or converted to single family. Suggested Opening Bid: $349,000.

• 17 Hemlock Place: A seven-bedroom, 2 ½-bath single-family home with a renovated first floor featuring a large open living room and newer kitchen. Suggested Opening Bid: $299,000.

• 4 Hemlock Place: Currently the College Admissions office, the three-story, single-family home can accommodate eight-to-nine bedrooms. The primary residence features a large wrap around porch. There’s also a coach house, which has been improved with four modern offices that can be converted to bedrooms or a separate rental home. Suggested Opening Bid: $399,000.

• 59 Leland Avenue: Three-level, six-bedroom single-family home with three bathrooms and expansive interior spaces, making it an ideal candidate for modernization. Situated on a premier corner home site on Leland Avenue, the turn-of-the-century residence also offers a large wraparound porch. Suggested Opening Bid: $199,000.

• 55 Leland Avenue: A six-bedroom, three-story single-family home with 2 ½ baths currently configured as offices for the school. Suggested Opening Bid: $225,000.

The sale will take place at the Hilton Westchester, 699 Westchester Ave. in Rye Brook. Registration begins at 6 p.m., with the auction commencing at 7 p.m. The residences may be viewed for inspection on Nov. 27, Dec. 3-4 and Dec. 10-11 from noon to 3 p.m., and on Dec. 13 from 6 p.m. to 8 p.m.

For additional information on the sale, please visit www.MadisonHawk.com/Auctions/NewRochelle.

Photo caption: 23 Hemlock Place. Photo credit: Courtesy.