ALBANY, N.Y. (NEWS10)-- The deadline for bids on the Saint Rose campus properties is Thursday at 5 p.m., the College of Saint Rose said. The Albany County Pine Hills Land Authority has submitted a bid to purchase the property.
According to Saint Rose, a stalking horse bidder had a deadline of Wednesday. That bidder, however, was not selected. In November, the Albany County Pine Hills Land Authority was in the process of submitting a bid. On Friday, they submitted a bid for the entire property.
“The Albany County Pine Hills Land Authority submitted a bid this morning to purchase the former College of Saint Rose campus in its entirety," Kevin O'Connor, CEO of Albany County Pine Hills Land Authority said. "The college ceased operations this past June and filed for bankruptcy in October. It is in the best interest of the Pine Hills community and this authority, as a qualified bidder, to keep the campus intact for unified development."
"After diligently analyzing current market values and comparable properties, the authority feels strongly about its offer for the entire campus," he continued. "The authority will not release any additional details of its bid until after the auction is complete."
According to the former college, the board of trustees is dedicated to finding the best outcome for the College and the surrounding community. If there are multiple bidders, an auction will be held on December 12 with any objections due by December 17. The court hearing to approve the potential sale is scheduled for December 19.
The college said all bids are confidential. Once the auction is complete, the college will then file the notice of successful and backup bids on the calendar for the bankruptcy case.
In October, the college filed for Chapter 11 bankruptcy protection. The filing continued the college’s waning operations which began in late November of 2023, when the school’s closure was first announced.
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