A Bronx high school that was in danger of shutting down
will be staying open.
Following a public hearing held on April 8, Attorney General Letitia James announced she has brokered a lease agreement between Preston High School and Bally’s Foundation, a charitable nonprofit organization, to keep the high school open for 25 years.
Bally’s Foundation purchases school property for $8.5 million
The announcement was shared by the Office of the Attorney General (OAG) Tuesday afternoon.
According to the OAG, they facilitated an agreement between the Bally’s Foundation of North America, Preston High School, and the Sisters of the Divine Compassion of the State of New York, which had owned the school’s property since 1947.
The agreement shares that Bally’s Foundation has purchased the property from the Sisters of the Divine Compassion for $8.5 million and will lease the property to Preston High School for $1 per year for the next 25 years.
The OAG said this agreement also gives Preston High School the option to renew its lease for successive five-year intervals at the end of the current 25-year lease term.
The lease also gives Preston High School the option to purchase the property and a right of first refusal if the Bally’s Foundation seeks to sell the property in the future.
It was also stated that the Bally’s Foundation has agreed to fund up to $1 million in capital improvements for the school and to cover up to $600,000 in legal and closing costs that associated with the process.
In addition, the OAG said the Sisters of the Divine Compassion have agreed to establish independent governance of Preston High School that requires them to:
- Work with Preston High School to establish the school as an independent Catholic school as acceptable to the Archdiocese of New York;
- Help establish an independent board of trustees for Preston High School by appointing, with OAG approval, trustees to the board of trustees who are not affiliated with the Sisters of the Divine Compassion or employed at Preston High School; and
- Immediately relinquish all but one seat on the schools’ board of trustees and give up that seat once the school is fully independent.
Officials thank Preston High School community for advocacy
“I want to thank all the students, teachers, parents, alumni, and elected officials who submitted testimony to my office and advocated to keep the school open. Today’s announcement would not have been possible without their relentless advocacy and leadership. Preston High School raises young women to become strong leaders, and I am thrilled that many more generations will benefit from this treasured school,” James said in a statement.
“I am thrilled to hear that an agreement has been reached to keep Preston High School open,” Bronx Borough President Vanessa Gibson said. “At a time when we’ve seen the heartbreaking closure of several Catholic schools in our borough and across New York City, this outcome is a powerful reminder of what’s possible when a community comes together. Preston High School has been a beacon of education and opportunity in the Bronx since it first opened its doors in 1947. Its legacy of academic excellence, character formation, and service has touched generations of young women and helped shape countless leaders in our city and beyond. Thank you to Attorney General Letitia James, the Charities Bureau, parents, students, educators, advocates, alumni, and my elected colleagues who fought tirelessly to preserve this institution. Our collective voices made this happen. This is more than just a win for Preston — it’s a win for the Bronx and for every young person who dreams of a bright future.”
Attorney General James thanked the Sisters of the Divine Compassion, the Bally’s Foundation and Preston High School for working together with her office to find a financial and practical resolution for Preston High School to stay open for years to come.
You can email Erica with Bronx story ideas by
CLICKING HERE
.
