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The Pine Hills Land Authority has agreed to purchase the College of Saint Rose campus in Albany for $35 million. This amount is significantly lower than the $61 million the college aimed to raise to address its financial debts. The college, which closed in June after over a century of operation, faced financial difficulties due to declining enrollment and a budget gap exacerbated by $100 million in expansion costs between 1996 and 2012.
The sale includes 92 parcels with 72 buildings, such as academic buildings and dormitories. The College of Saint Rose president's house was sold separately for $625,000. The land authority's bid surpassed 14 other offers on individual parcels, making it the only bulk bid.
Albany County Executive Daniel McCoy emphasized the importance of the acquisition, stating that it is an investment in the community's future. He expressed hopes to redevelop the campus into affordable housing, restaurants, and schools. The land authority plans to engage with other bidders, including a local Hebrew Day School interested in expansion.
The purchase agreement is pending final approval from a bankruptcy court. Colleges across the nation have faced similar financial challenges, leading to closures or mergers, as reported by the U.S. Department of Education.