The College of New Rochelle, whose main campus is in southern Westchester, have sold a south Bronx building to Chestnut Holdings, a real estate company, for the full asking price of $10.5 million.
The building at 332 E. 149th St., is the site of the John Cardinal O’Connor Campus. The College will remain in the building leasing back four floors as part of a 10-year, lease-back agreement, and the John Cardinal O’Connor Campus will remain open.
“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,” Judith Huntington, President of The College of New Rochelle, said in a press release. “Our commitment to serve the South Bronx community in this building remains steadfast.”
She added that this sale “will significantly improve the financial health of the College” and that proceeds will be invested in the endowment fund. Earnings on this investment will be used to address deferred maintenance and technology on all campuses and to retire debts.
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.
The College of New Rochelle was founded in 1904 by the Ursuline Order and comprises the all-women School of Arts and Sciences and three school for women and men: The School of New Resources (for adult learners), the School of Nursing and the Graduate School. The main campus is in New Rochelle and there are five other campus locations for the School of New Resources in Brooklyn, the Bronx and Manhattan.