Mercy College will finally purchase neighboring property that it has rented for more than 30 years.
The college announced that it has entered into a leasing agreement with the Sisters of Mercy for the buildings and surrounding grounds of Our Lady of Victory Academy, a former all-girls high school in Dobbs Ferry, and will continue to use the softball field, parking lot and buildings for classroom uses.
“This announcement could not come at a better time for Mercy College," said Mercy College President Dr. Kimberly R. Cline. “We look forward to another great year for Mercy College in 2013. We had a terrific 2012 with successes including an ‘A’ rating from Standard & Poor’s, creation of the Centers of Excellence in the School of Business and campus enhancements including new science labs and the new state-of-the-art turf athletic field.”
Our Lady of Victory opened in 1961 at 565 Broadway and was forced to close in 2011, to the dismay of some parents, because of declining enrollment. The Journal News reports that Mercy College has been leasing the property for $641,250 annually and the property is estimated at $5.5 million, with repairs needed to the roof and boiler system on the 5.1-acre mostly empty parcel west of the Old Croton Aqueduct Trail.
The Rivertowns Daily Voice reported that the college will pay $7 million for the property.
Mercy College, a private non-for-profit institution whose main campus is at 555 Broadway in Dobbs Ferry, was founded in 1950. There were mixed reviews in the community when the college announced a three-year lease agreement for the property in July 2011, click here for that story.
According to The Journal News, proceeds from the sale will be used for charitable purposes the Sisters of Mercy's petition said.