NEW ROCHELLE, NY — Five single-family homes owned by the College of New Rochelle adjacent to its campus in Westchester County, N.Y. will be offered individually via a Live Auction on Wednesday, December 14th, 2016.
Madison Hawk Partners, LLC, a national real estate firm and industry leader specializing in Structured Accelerated Sales, will conduct the one-day event on behalf of the College, which is selling the non-core assets to raise capital.
“We’re taking this step to help strengthen the academic institution’s financial footing,” said Ron Eagar, Chief Restructuring Officer and Partner at Grassi & Co., which has been charged with overseeing the restructuring and stabilization of the 105-year old private Catholic college.
“We’ve retained Madison Hawk to create and manage an auction sale process as a way to generate capital,” Mr Eagar added. “These are non-core assets of the College and we’d rather sell these properties to a user or developer than keep them on our balance sheet at this time.”
Three of the homes being offered are currently utilized as staff housing, with the other two serving as administrative space. Two of the homes are move-in ready for individual homebuyers or investors. The remaining three residences provide excellent opportunities for a builder to purchase, renovate and sell or rent the homes.
“These are desirable homes, situated on picturesque, tree-lined streets offered at very attractive prices. We’re confident that the auction process for such marketable homes will create value-added purchasing opportunities attractive to individuals, builders and investors,” said Jeff Hubbard, President of Manhattan-based Madison Hawk.
The five single-family homes being offered include:
23 Hemlock Place: A three-story, seven-bedroom home featuring three bathrooms, vintage woodwork and a nicely landscaped backyard. The legal two-family home could be used as a multi-family home or converted to single family. Suggested Opening Bid: $349,000
17 Hemlock Place: A seven-bedroom, 2 ½-bath single-family home with a renovated first floor featuring a large open living room and newer kitchen. Suggested Opening Bid: $299,000
4 Hemlock Place: Currently the College Admissions office, the three-story, single-family home can accommodate eight-to-nine bedrooms. The primary residence features a large wrap around porch. There’s also a coach house, which has been improved with four modern offices that can be converted to bedrooms or a separate rental home. Suggested Opening Bid: $399,000
59 Leland Avenue: Three-level, six-bedroom single-family home with three bathrooms and expansive interior spaces, making it an ideal candidate for modernization Situated on a premier corner home site on Leland Avenue, the turn-of-the- century residence also offers a large wraparound porch. Suggested Opening Bid: $199,000
55 Leland Avenue: A six-bedroom, three-story single-family home with 2 ½ baths currently configured as offices for the school. Suggested Opening Bid: $225,000
The sale will take place at the Hilton Westchester, 699 Westchester Avenue, Rye Brook, NY.. Registration begins at 6:00 PM, with the auction commencing at 7:00 PM. The residences may be viewed for inspection on November 27, December 3-4 and December 10-11 from 12:00 p.m. to 3 p.m., and on December 13th from 6 p.m. to 8 p.m.
For additional information on the sale, please visit www.MadisonHawk.com/Auctions/NewRochelle