BRIARCLIFF MANOR, N.Y. - In an effort to “consolidate facilities and services of the Westchester campus of Pace to its Pleasantville location,” university officials have sold the vacant Briarcliff Manor campus for more than $17 million.
The Research Center on Natural Conservation, a non-profit organization that focuses on global warming and conservation, purchased nine-building Elm Road campus for $17.4 million.
Officials had been attempting to sell the campus - which used to house the Briarcliff College before Pace acquired it four decades ago - for more than a year before coming to an agreement with the non-profit to sell in December. The university has also sold a condominium property in downtown White Plains for nearly $11 million as they continue consolidating their foothold in Westchester following a $100 million renovation at the Pleasantville campus.
According to the Westchester Business Journal , the non-profit was founded by the chairman and CEO of a Chinese real estate Internet portal that has been increasing its foothold in the Hudson Valley.
This isn’t the first foray into the real estate market for The Research Center on Natural Conservation Inc., who purchased The Arden House , built more than a century ago by E.H. Harriman. It also owns the New York Military Academy in Cornwall-on-Hudson.
In a statement, Pace officials said that the sale was “part of a strategic plan,” to improve the education experience for students.
“Pace University sold its Briarcliff Manor property in late December as part of a strategic plan to consolidate facilities and services of the Westchester campus of Pace to its Pleasantville location," read the statement. "As part of this plan, Pace built two new residence halls, a new field house, new athletics fields, and a new environmental center complex as well as expanded its student center. The newly revitalized campus allows for an enhanced living-learning experience with all services and activities for Westchester students in one location.”