The College of New Rochelle to Sell Building on 149th Street, John Cardinal O'Connor Campus to Remain Open
FOR IMMEDIATE RELEASE
Contact: Lenore Carpinelli
New Rochelle, NY (February 5, 2014) – The College of New Rochelle has announced plans to sell its building at 332 East 149th Street in the Bronx, which houses the John Cardinal O'Connor Campus of its School of New Resources. The College intends to remain in the building and lease back four floors for its campus. The sale, for which the asking price is $10.5 million, is being brokered by Massey Knakal Realty Services.
"In its more than 35 years in the South Bronx, The College of New Rochelle has delivered its baccalaureate program to over 5,000 women and men in the community. Our unparalleled commitment to serve the Bronx community remains steadfast," said Judith Huntington, President of The College of New Rochelle.
Monetizing this building will enable the College to enhance academic offerings and improve facilities, as well as generate significant cash flow, which will increase financial reserves, provide additional income, and reduce operating expenses.
"This sale-lease-back transaction demonstrates prudent financial management and provides a unique opportunity for the College to exchange a fixed asset for a more liquid asset that can be redirected to further strengthen its academics programs and its financial position," said Huntington. "In conjunction with the implementation of the College's current strategic plan, this will aid in creating a vibrant and compelling institution, allowing us to thrive and our students to be successful."
"This sale will also bolster the South Bronx economy by providing highly sought after commercial rental space and increasing property and sales tax revenues."
The eight-story building is located on the south side of East 149th Street between Morris Avenue and Courtland Avenue. The property consists of approximately 51,852 square feet of commercial space (plus a basement of approximately 6,488 square feet). Located on a high-traffic retail corridor, it is in close proximity to several mass transit options, including the subway, the Major Deegan Expressway, Bruckner Expressway, and numerous bus lines.
Founded in 1972, The College of New Rochelle's School of New Resources has graduated more than 17,000 adult learners with baccalaureate liberal arts degrees and has been recognized internationally as a model for adult education. More than 52 percent of SNR graduates have gone on to obtain advanced degrees at colleges and universities nationwide. Many hold senior management positions in the public and private sectors.
SNR currently serves adult students on six campuses located in Brooklyn, Co-op City, the South Bronx, New Rochelle, Harlem, and at DC-37 Union Headquarters in Manhattan. Each campus is designed to serve as an extension of its community and offers students classes in the mornings, evening, and on weekends.