New details on the sale of College of St. Rose campus

ALBANY, N.Y. (NEWS10) – Almost a year after The College of Saint Rose announced it would be closing, we are learning new information about the sale of the campus. Officials confirmed thousands of potential buyers are interested and it could be sold before the end of the year. 

A Saint Rose spokesperson said the college is moving forward with the required steps in the bankruptcy process and at the hearing on November 13 the judge granted a series of motions related to the sale of the property.

The statement read in part, "JLL, the college’s real estate advisor, is continuing to market the campus and received several preliminary bids prior to the college filing for bankruptcy. Qualified bids are due December 6 and the auction for the campus properties will be held on December 12. The sale hearing is scheduled for December 19. At this point in the process, the bidding is confidential.”

The Albany County legislator who represents district 7 has been keeping close tabs on the sale. Beroro Efekoro said he’s talking to college leadership and JLL.

“Through my communication with the real estate brokers for the bond holders they have given me some statistics and some numbers to work with,” said Efekoro.

JLL told Efekoro 22,000 prospective buyers have contacted them, and they have been in communication with 1,100 priority buyers, signing Non-Disclosure Agreements (NDAs) with 71 parties and have given 32 campus tours.

It’s welcomed news to Efekoro because, he said, there were concerns after Saint Rose President Marcia White announced the college would be closing on November 30, 2023.

He said he’s hopeful because more businesses are opening in the area, including the grand re-opening of the Madison Theatre.

“We were very worried that this neighborhood, that we have come to love over the years, might be going down the drain, but we are still optimistic. We see light at the end of the tunnel,” said Efekoro. 

The Pine Hills Land Authority confirmed it is still working on a bid. A spokesperson for the authority issued a statement that said, “The Albany County Pine Hills Land Authority expects to submit a bid for the entire campus and we will not have anything new to share until the auction is complete.” 

The authority, and all other potential bidders, have until December 6 at 5:00 P.M. to submit bids. 

If there are multiple bidders an auction would be held December 12 with any objections due by December 17. The court hearing to approve the potential sale is scheduled for December 19. The exact number of bids received so far has not been disclosed. 

“But I’m very glad that the school, the bond holders, and the real estate brokers are committed to selling this school, the facilities, to another educational institution as a priority,” said Efekoro.