St. Rose to County
ALBANY — Albany County Executive Daniel McCoy announced on Thursday, Dec. 12, that the Albany County Pine Hills Land Authority’s $35 million bid to acquire the campus had been accepted. The purchase includes all campus properties and is aimed at preserving the site’s value and repurposing it for community use.
“I am happy to announce that our bid for the acquisition of The College of Saint Rose was accepted and the Pine Hills Land Authority will own the campus,” McCoy said. “After our initial stalking horse bid was rejected, we submitted a qualified bid of $35 million, the only bulk bid.”
The transaction is awaiting final approval from the bankruptcy court.
Fourteen other parties submitted bids for individual parcels of the campus. This bulk offer, well below the $80 million authorized for the purchase and consistent with multiple valuations, achieves a balance between fiscal responsibility to Albany County taxpayers and a strategic investment in the center of Albany.
The College of Saint Rose, a private institution with a 104-year history in Albany, officially closed its doors following the spring 2024 semester due to financial challenges, including declining enrollment and the effects of the COVID-19 pandemic. The closure has impacted students, faculty, and the local community, with approximately 646 employees losing their jobs.
The Pine Hills Land Authority’s acquisition includes approximately 90 properties in Albany’s Pine Hills neighborhood. County officials have stated that plans are underway to repurpose the campus, with the intent to serve community interests and maintain neighborhood stability. McCoy also acknowledged the efforts of state lawmakers and leaders who supported the legislation enabling this acquisition.
“This is more than an investment in land, it is an investment in the future of our community,” McCoy said. “By securing this property, we are preserving the assessed value and integrity of the surrounding neighborhoods and serving the best interests of Albany County.”
