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Cornwall, NY - New York Military Academy Sold In Bidding War To Chinese Investors

Published on: September 30, 2015 10:30 PM
By: Reuters 
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FILE -  military cadets at Cornwall  New York Military AcademyFILE -  military cadets at Cornwall New York Military Academy

Cornwall, NY - The bankrupt New York Military Academy, a 126-year-old preparatory school on the Hudson River that counts billionaire Donald Trump among its graduates, was sold on Wednesday after a bidding war between groups backed by two China-based investors.

The winning bid of $15.83 million came from the non-profit group Research Center on Natural Conservation, backed by a principal of China-based SouFun Holdings Ltd. They beat out California-based Global Preparatory Academies, which was funded by other Chinese investors, NYMA’s lawyer Lewis Wrobel told Reuters.

NYMA, located in Cornwall, New York, owed approximately $11.5 million to $12 million to creditors, principally local real estate firm Cornwall Improvement, Wrobel said.

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Global Preparatory had signed a contract to purchase the school for about $13.2 million but failed to deliver the down payment, forcing the sale. A pre-sale appraisal valued the three parcels that made up the school at $10.1 million.

Bidding moved in $100,000 increments, said Mika Saarela, dean of academics at NYMA.

NYMA filed for bankruptcy March 3 but managed to complete the semester and graduate its 15 seniors. Enrollment dropped from a high of more than 500 during the 1960s to less than 100 in the last academic year, according to sources familiar with the situation.

“Research Center on Natural Conservation, a non-profit group, indicated they want to keep NYMA as a school. We are obviously very happy with the outcome to keep the school’s mission alive,” said Saarela.

“We obviously want to get going as soon possible but our immediate plans are being worked out,” said Saarela.

Wrobel said the Global Preparatory Academies group was “funded with Chinese money. That we know for sure.”

He declined to name the investors.

The bidding war unfolded in the U.S. bankruptcy court in nearby Poughkeepsie, following an hour of talks about the status of the school’s accreditation.

“It’s a rare event to get more than what is owed. It is possible it happened in this event, but we don’t know the full amount of the debt just yet. There will now be a substantial payment to creditors,” Wrobel said.

SouFun’s broker, Richard Warshauer of Colliers International New York LLC, and Global Preparatory’s lawyer Nick Pasalides, of Reich, Reich & Reich, both declined to comment.

Saarela said there were approximately 30 people at the auction, including townspeople, alumni and school officials in addition to creditors.

Beijing-based SouFun, which operates a real estate information website, is no stranger to the area. Its non-profit affiliate purchased the nearby former mountaintop estate of Averell Harriman in 2011.



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Read Comments (12)  —  Post Yours »

1

 Oct 01, 2015 at 12:10 AM Anonymous Says:

Seems the Red Communist Chinese beat out the Satmars, Nebuch.

2

 Oct 01, 2015 at 12:29 AM hFrankliner Says:

Thanks god that the hassids of KJ didn't get it

3

 Oct 01, 2015 at 04:49 AM alterknaker Says:

Reply to #2  
hFrankliner Says:

Thanks god that the hassids of KJ didn't get it

Why? Is satmar so much in your way? No other jewish organisation or sect pours out tzedaka from their pockets like satmar, may it be for another sect who oppose them directly, or even a zionist, i suggest you close your פי האתון, you're full of hatred, you have a twisted mind, and full of ego, when the mishna says שוטה רשע וגס רוח, it means no one other but you, say what you like but a big part of כלל ישראל existence should be thanked to satmar (i also don't like to hear that) but it's a fact, by the way I'm not satmar, i don't have any connection to them, and I'm sure that you and alike are usually the so called KIRUV preachers on V. I. N., gut yomtov

4

 Oct 01, 2015 at 08:27 AM OyGevald Says:

Reply to #2  
hFrankliner Says:

Thanks god that the hassids of KJ didn't get it

Frankliner, open your eyes and be honest with what you see. Wherever the "Hassids" have been pushed away, guess who eventually moved in instead? I see Muslims there. Wherever religious jews were pushed out, you now have Muslims in rags walking around not being part of society. Talk about women being second class citizens, don't focus on Chassidim, focus on the womenfolk of the Muslims who don't get to be free and instead must cover their heads completely, some even their faces. Guess who's paying for them to live like that in America? You are! They're living off every city & state program that you the taxpayer and your children will pay for when you find out what it really cost in another 25 years.
Good luck on being happy the hassids didn't get it. I can't wait to see what will pop out there.

5

 Oct 01, 2015 at 09:11 AM alterknaker Says:

Reply to #2  
hFrankliner Says:

Thanks god that the hassids of KJ didn't get it

shaigetz and rasha

6

 Oct 01, 2015 at 10:37 AM mewhoze Says:

totally agree with #'s 3, 4 and 5 with regard to #2 comment.
however i would like to add that Lubavitch also do a huge amount of Chesed.
I have always been impressed with the Bikur Cholim of Satmar since having a friend in NYU and seeing the Satmar women going from room to room offering a hot meal to family members of the Choleh.
Whatever the sect or chasidus, i respect all who do such beautiful mitzvos.

7

 Oct 01, 2015 at 12:06 PM Anonymous Says:

Reply to #3  
alterknaker Says:

Why? Is satmar so much in your way? No other jewish organisation or sect pours out tzedaka from their pockets like satmar, may it be for another sect who oppose them directly, or even a zionist, i suggest you close your פי האתון, you're full of hatred, you have a twisted mind, and full of ego, when the mishna says שוטה רשע וגס רוח, it means no one other but you, say what you like but a big part of כלל ישראל existence should be thanked to satmar (i also don't like to hear that) but it's a fact, by the way I'm not satmar, i don't have any connection to them, and I'm sure that you and alike are usually the so called KIRUV preachers on V. I. N., gut yomtov

"Is satmar so much in your way? No other jewish organisation or sect pours out tzedaka from their pockets like satmar"

Most of the tzedaka is stolen from someone or someplace.

8

 Oct 01, 2015 at 01:15 PM albroker Says:

Reply to #4  
OyGevald Says:

Frankliner, open your eyes and be honest with what you see. Wherever the "Hassids" have been pushed away, guess who eventually moved in instead? I see Muslims there. Wherever religious jews were pushed out, you now have Muslims in rags walking around not being part of society. Talk about women being second class citizens, don't focus on Chassidim, focus on the womenfolk of the Muslims who don't get to be free and instead must cover their heads completely, some even their faces. Guess who's paying for them to live like that in America? You are! They're living off every city & state program that you the taxpayer and your children will pay for when you find out what it really cost in another 25 years.
Good luck on being happy the hassids didn't get it. I can't wait to see what will pop out there.

so both Muslims and Satmar are welfare queens, one doesnt make the other good.

9

 Oct 01, 2015 at 03:12 PM Anonymous Says:

Reply to #4  
OyGevald Says:

Frankliner, open your eyes and be honest with what you see. Wherever the "Hassids" have been pushed away, guess who eventually moved in instead? I see Muslims there. Wherever religious jews were pushed out, you now have Muslims in rags walking around not being part of society. Talk about women being second class citizens, don't focus on Chassidim, focus on the womenfolk of the Muslims who don't get to be free and instead must cover their heads completely, some even their faces. Guess who's paying for them to live like that in America? You are! They're living off every city & state program that you the taxpayer and your children will pay for when you find out what it really cost in another 25 years.
Good luck on being happy the hassids didn't get it. I can't wait to see what will pop out there.

You think the KJ and NS women are more free? That's a joke, right?

10

 Oct 01, 2015 at 03:33 PM Anonymous Says:

This is good news!

11

 Oct 01, 2015 at 05:57 PM OyGevald Says:

Reply to #7  
Anonymous Says:

"Is satmar so much in your way? No other jewish organisation or sect pours out tzedaka from their pockets like satmar"

Most of the tzedaka is stolen from someone or someplace.

#7, what you implied is pure slander - לשון הרע ורכילות.
I hope you made plans on how to endure purgatory because you will be spending time there if not permanently.
But let's assume you're a former Satmar and have inside info and saw firsthand "something" that makes you so sure of yourself, you can't say all the charity came through stolen money because the tens of thousands annually would've been missed by persons stolen from and been reported. You know they've been doing Bikur Cholim for decades, so we're talking about hundreds of thousands if not millions by now.
If this wasn't so serious, I'd ask you if Robin Hood wasn't in your childhood storybooks since you don't condone stealing from the wealthy to distribute to the poor.

12

 Oct 02, 2015 at 11:23 AM Anonymous Says:

Reply to #11  
OyGevald Says:

#7, what you implied is pure slander - לשון הרע ורכילות.
I hope you made plans on how to endure purgatory because you will be spending time there if not permanently.
But let's assume you're a former Satmar and have inside info and saw firsthand "something" that makes you so sure of yourself, you can't say all the charity came through stolen money because the tens of thousands annually would've been missed by persons stolen from and been reported. You know they've been doing Bikur Cholim for decades, so we're talking about hundreds of thousands if not millions by now.
If this wasn't so serious, I'd ask you if Robin Hood wasn't in your childhood storybooks since you don't condone stealing from the wealthy to distribute to the poor.

"I hope you made plans on how to endure purgatory because you will be spending time there if not permanently."

How can you tell a person you have never met he/she will be spending time in purgatory?

13

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