Nyack College Sells Property to Address Financial Challenges

Nyack College in Nyack, N.Y., sold the majority of its property in late 2020 to remain financially stable. The sale, approved by a state Supreme Court judge on Nov. 13, 2020, involved a $45.5 million transaction with Yeshivath Viznitz D’khal Torath Chaim Inc. The decision followed a letter of no objection from the New York State Department of Education and an endorsement from the New York State Attorney General’s Charities Bureau. The buyer was required to file the final sale with the Attorney General’s Office Charities Bureau within 90 days.

The sale was necessitated by years of financial strain. In 2015, Nyack College’s debt surged to over $45 million, while revenue dropped by 13 percent to $54 million. Since 2014, the institution, affiliated with the Christian and Missionary Alliance denomination, has incurred more than $20 million in losses. The college, founded in 1882 and serving approximately 1,000 undergraduate students, plans to consolidate its operations on its New York City campus following the sale of its Nyack campus.

The proceeds from the sale are intended to cover the college’s $38.5 million debt to Procida Funding and Advisors, a firm owned by investor William Procida of Piermont. This financial maneuver reflects the broader challenges faced by religious institutions, particularly those reliant on donations and tuition, in maintaining operational sustainability.

Nyack College has historically played a significant role in training pastors, missionaries, and leaders for the Christian and Missionary Alliance, which operates over 2,000 churches across approximately 70 countries. As a religious institution in New York, the sale required review by either the state Attorney General’s Office Charities Bureau or the state Supreme Court to ensure compliance with legal standards.

The college’s financial struggles underscore the vulnerability of religious educational institutions to economic pressures. While the sale allows Nyack College to continue its mission, it also highlights the need for careful stewardship of resources and the importance of financial transparency in maintaining institutional integrity.

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