The College of New Rochelle Sells South Bronx Building for $10.5 Million

New York-based real estate company Chestnut Holdings has purchased 332 East 149th St. in the South Bronx from the College of New Rochelle for $10.5 million, the school announced Wednesday.

The South Bronx facility houses the John Cardinal O’Connor Campus, and the school will remain in the building under a lease agreement for four floors. Specific terms of the lease deal were not disclosed but the school said the contract will run 10 years.

CNR announced its plan to sell the building, where the School of New Resources is located, back in February. Officials said the sale would help the school finance new academic programs and other initiatives. The building has eight floor and a total of nearly 52,000 square feet of commercial space.

"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," said College of New Rochelle President Judith Huntington in a statement. "Our commitment to serve the South Bronx community in this building remains steadfast."

Below is the full press release from the college:

The College of New Rochelle announces that they have closed on the sale of their building at 332 East 149th Street in the South Bronx, which houses the John Cardinal O’Connor Campus, at the full asking price of $10,500,000. The buyer is Chestnut Holdings, a well-known and reputable New York real estate company.  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,” said Judith Huntington, President of The College of New Rochelle. “Our commitment to serve the South Bronx community in this building remains steadfast.”

“In addition, by monetizing this building, we will enhance our academic programs and provide our students with improved facilities in which to complete their studies. This space will both accommodate our current student population and provide sufficient space for growth and expansion.”

In February, the College engaged the commercial real estate firm Massey Knakal to begin marketing the property.

“This transaction is transformative and will significantly improve the financial health of the College, strengthening our Balance Sheet by generating a substantial increase in cash and net assets (equity),” said President Huntington.

Proceeds from the sale will be invested in the endowment fund.  Earnings on this investment will be utilized for addressing issues of deferred maintenance and technology on all campuses and for the retirement of indebtedness.

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.

About the College of New Rochelle 

The first Catholic college for women in New York State, The College of New Rochelle was founded in 1904 by the Ursuline Order. Today, it comprises the all-women School of Arts & Sciences, and three schools which admit women and men: the School of New Resources (for adult learners), the School of Nursing and the Graduate School.  The main campus of the College is located in lower Westchester County, 16 miles north of New York City.  The College maintains five other campus locations in New York City for The School of New Resources in Brooklyn, the Bronx and Manhattan. Visit the College’s website at www.cnr.edu.