For sale: College campus, convenient to NYC, castle included
The College of New Rochelle has a 15.6-acre campus with tree-lined paths and a 19th-century castle and it’s just 20 miles from New York City. But is it worth $50 million?
The school, founded as a Catholic women’s college in 1904, filed for bankruptcy on Sept. 20, crushed under the burden of $80 million of liabilities, including $14 million to bondholders. It’s relying on the value of its campus — its biggest asset — to repay creditors.