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A bankruptcy court has approved the sale of the College of Saint Rose campus in Albany. The Pine Hills Land Authority will purchase the 71 buildings for $35 million, significantly less than the $61 million the college initially sought to pay off its debt. The college closed earlier this year due to financial difficulties.
The sale, finalized on Thursday (December 19), excludes the college president's house, which was sold separately. The proceeds from the sale will help pay unsecured creditors, although bondholders owed $50 million will not be fully reimbursed. The Pine Hills Land Authority, a quasi-public entity created by Albany County, plans to redevelop the campus.
Albany County Executive Daniel McCoy expressed enthusiasm for the sale, stating that it ensures stability for the Pine Hills neighborhood. Some county offices may relocate to the campus in the future. McCoy emphasized the importance of preserving the assessed value and integrity of the surrounding neighborhoods.
The sale process was swift, with the college filing for bankruptcy just two months ago. The Pine Hills Land Authority must now select an investment banker and secure a bond to cover the purchase cost. The parties will return to court on January 15 to discuss the Plan of Liquidation for the college.