Nyack College in Nyack, N. Y., late last year sold the majority of its property to stay financially afloat.
On Nov. 13, 2020, a state Supreme Court judge approved the $45.5 million 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. According to Lohud (the local newspaper serving the lower Hudson River valley), “The buyer must file the final sale with the State Attorney General’s Office Charities Bureau within 90 days of the approval, according to the ruling”.
The sale is a response to years of financial hardship at the college. In 2015, Nyack College’s debt more than tripled, to $45 million. That year, revenue fell 13 percent, to $54 million. Since 2014, the Christian college, associated with the Christian and Missionary Alliance denomination, has lost more than $20-million.
Nyack College was founded in 1882 and has about 1000 undergraduate students. With the sale of the Nyack campus, it will consolidate its activities on its New York City campus.
According to Lohud, “The sale approved in early November will cover the college’s $38.5 million debt to Procida Funding and Advisors, owned by investor William Procida of Piermont, according to the judge’s decision.”
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Christian and Missionary Alliance is a church denomination with more than 2,000 churches in about 70 nations, and more than 700 full-time employees just in the United States. Historically, it has trained most of its pastors, missionaries and leaders through Nyack College. Because Nyack College is a religious institution in New York, the sale had to be reviewed by either the state Attorney General’s Office’s Charities Bureau or the state Supreme Court.