A historic New York prep school whose famous alumni include presidential hopeful Donald Trump is preparing to reopen after a bankruptcy judge on Wednesday approved the nearly $16 million sale of its campus.
The 126-year-old New York Military Academy, located in the Hudson Valley, is expected to reopen on Nov. 1 under the guidance of new owners, academy president Anthony Desa told Bankruptcy Beat Wednesday.
“Everyone worked around the clock to memorialize the [purchase offer] and obtain court approval on shorted time, realizing it was necessary to save the school,” said Jeffrey Testa, the school’s bankruptcy lawyer.
On Wednesday, Judge Morris approved the school’s $15.825 million sale to Research Center on Natural Conservation Inc., a nonprofit that is controlled by a Chinese business group. The group had already purchased the nearby historic Arden House once owned by railroad magnate Edward Harriman for $6.5 million in 2011 and converted it into a conference center.