Freemasons Buy 115-Year-Old NY College in $32M Bankruptcy Deal - NBC New York

Freemasons Buy 115-Year-Old NY College in $32M Bankruptcy Deal

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    NEWSLETTERS

    Final Commencement for Local College

    Graduation Day at the College of New Rochelle is not only a commencement ceremony for the students, but the end for the school itself. Jummy Olabanji has the story.

    (Published Tuesday, May 21, 2019)

    What to Know

    • The Freemasons will purchase a former New York college for $32 million after placing the winning bid approved in a bankruptcy auction

    • The Journal News reports that bid by Trustees of the Masonic Hall and Asylum Fund for College of New Rochelle Campus was approved Monday

    • The 115-year-old school declared bankruptcy in September

    The Freemasons will purchase a former New York college for $32 million after placing the winning bid approved in a bankruptcy auction.

    The Journal News reports that the bid by the Trustees of the Masonic Hall and Asylum Fund for the 15.6-acre College of New Rochelle Campus was approved Monday.

    The 115-year-old school declared bankruptcy in September.

    The college's interim chief restructuring officer, Mark Podgainy, says he's confident the Masons will use the campus in a manner that preserves the college's legacy and "offers value to the local community."

    The Mason trustees operate a senior health care campus and campground in Oneida among other New York properties.

    The fraternal organization of Freemasons started in Europe and spread to the American colonies. George Washington and 13 other presidents were Masons.

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