New York Military Academy Closes Due To Bankruptcy
It was in March 26 this year when the New York Military Alumni Association President Brian D. Coyle sent an almost desperate plea to the academy’s alumni community to save a school that has been existence since 1889. In an email, Coyle acknowledged that the academy was, indeed, in trouble when it came to financials. Furthermore, he said, “The time has come for all of us to stand with our Academy providing her with our time, talents and treasures to help carry her into the future.” Unfortunately, several months later, Coyle had passed away last month and the academy’s future is now lost.
In an application filed for the approval of a marketing consultant and real estate broker for the ailing academy, it was revealed that the New York Military Academy had chosen Hilco Real Estate LLC to facilitate the sale of its real property that is located at the Town of Cornwall, Orange County, New York. Moreover, the marketing budget for New York Military Academy’s real estate and preparatory school has been set at $56,429.
The prestigious academy known for alumni such as Stephen Sondheim, Donald Trump and John Gotti had filed for a Chapter 11 bankruptcy with the United States Bankruptcy Court Southern District of New York Poughkeepsie Division last March 3. Reasons stated for the academy’s financial problems included a decline in enrollment as well as the academy’s failure to be able to reach a deal with a potential buyer for the sale of its property.
Initially, there was a glimmer of hope for the school to continue its existence when the academy’s Board of Trustees President Anthony Desa informed the New York Military Academy community that they had successfully reached an agreement with Global Preparatory Academies, L.L.C. last August 4. Desa was even hopeful that this meant the academy would get to continue operating under its prestigious name. However, The New York Times reports that Global Preparatory Academies failed to make a full downpayment of $1.3 million. Instead, the company only put down $100,000.
Now, the sale of the property seems to go on. Potential buyers for the property and preparatory school include Global Preparatory Academy and Oriental Cambridge Group.