State Supreme Court Approves Sale of Nyack College

 

Jennifer Korn

 

On Nov. 13, a state Supreme Court judge approved the sale of Nyack College to Yeshivath Viznitz D’khal Torath Chaim Inc., after receiving a letter of no objection from the New York State Department of Education and a no-objection endorsement from the New York State Attorney General’s Charities Bureau.

 

The 107-acre college can now move forward with the $45.5 million sale.

 

The judge decided that the sale will include the college’s $2.5 million closing costs and its $38.5 million debt to Procida Funding.

 

The buyer, Yeshiva Viznitz, intends to establish an all-boys’ school for about 250 college students and 250 high school students. The school’s management also plans to house an unspecified number of staff and family on the campus.

 

Amid the pending sale of Nyack College, South Nyack residents petitioned for a village dissolution vote, which will take place on Dec. 17. If residents vote to dissolve the village, South Nyack will be rolled into the town of Orangetown.

 

CGR, the consulting firm hired to objectively break down the impacts of dissolution, is set to release a “Dissolution Impact Report” on Nov. 24. Updates will be provided on the South Nyack Dissolution website (www.cgr.org/southnyack/).