NEW ROCHELLE, N.Y. - With the future of the College of New Rochelle in jeopardy , the school is now selling off assets in an attempt to pay more than $20 million in backed taxes.
Last month, the college’s Board of Trustees launched an investigation into financial misappropriations that revealed upwards of $20 in payroll taxes that were not paid for eight quarters dating back to 2014 under the watch of former CNR President Judith Huntington, who resigned in October.
With its future as a stand-alone institution in doubt, the College announced that it has secured the services from Madison Hawk to conduct a real estate auction of non-core assets to raise funds.
Next month, Madison Hawk will auction five single-family homes that are adjacent to the CNR campus.
Ron Eager, the Chief Restructuring Officer and Partner at Grassi and Co., which is overseeing the restructuring and stabilization of the college, said that it was important to get the homes off the books as they continue to raise capital to save CNR.
“We’re taking this step to help strengthen the academic institution’s financial footing,” he said. “We’ve retained Madison Hawk to create and manage an auction sale process as a way to generate capital. These are non-core assets of the college and we’d rather sell the properties to a user or developer than keep them on our balance sheet at this time.”
According to Grassi and Co., three of the homes are currently used as staff housing, with the other two serving as administrative space. Two are move-in ready for individual homebuyers and the remaining three “provide excellent opportunities for a builder to purchase, renovate and sell or rent the homes.”
Homes to be auctioned include:
- 23 Hemlock Place : A three-story, seven-bedroom home that includes three bathrooms and a landscaped back yard. The suggested opening bid is $349,000.
- 17 Hemlock Place : A seven-bedroom, 2.5-bath single family home with a renovated first floor. Suggested opening bid: $299,000.
- 4 Hemlock Place : Currently the College Admissions office, the three-story home can accommodate up to 9 bedrooms. There’s also a coach house, which has been improved with modern offices. Suggested opening bid: $399,000.
- 59 Leland Ave. : A three-level six-bedroom home that is “an ideal candidate for modernization.” Suggested opening bid: $199,000.
- 55 Leland Ave .: A six-bedroom, three-story single family home that is currently used as offices for CNR. Suggested opening bid: $225,000.
The auction will be held beginning at 6 p.m. on Wednesday, Dec. 14 at the Hilton Westchester in Rye Brook. The homes can be viewed for inspection from noon to 3 p.m. on Nov. 27, Dec. 3-4, Dec. 10-11 and from 6 to 8 p.m. on Dec. 13.
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