New Rochelle Baseline Campus Bid Far Below Debtors’ Final Hopes

A federal bankruptcy court has approved a baseline bid for the College of New Rochelle’s campus auction that slashed the property’s price tag by more than half of what the school wants to cash in.

The “stalking horse” bid, a binding offer negotiated to act as the opening bid at the auction, is meant to set the minimum price. The offer of $21 million -- formally anointed as the lead bid last month -- is much less than the $50 million the school has indicated it wants.

“It’s the floor, and we have a tremendous amount of interest in the ...