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Tri-State

College of New Rochelle seeks buyer for campus amid bankruptcy filing — castle included

<em>(Credit: Terryballard)</em>
(Credit: Terryballard)

The College of New Rochelle filed for bankruptcy last month, and it’s now looking for a buyer for its campus — 19th century castle included.

The bankruptcy filing on Sept. 20 came as the school struggled to deal with $80 million of liabilities, according to Bloomberg, which first reported on the new listing.

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The campus is worth an estimated $35 to $50 million, a lawyer representing the school in its bankruptcy case said.

The school has since retained brokers that are looking for potential buyers for the 15.6-acre campus, which is home to a TV production studio, four dormitories and a library, according to the outlet.

Jeff Hubbard, executive managing director at B6 Real Estate Advisors, called it a “a rare opportunity” to purchase the property. “You’ve got an operating college with all of the things in place that you need to run an educational institution,” he said. [Bloomberg]