April 24, 2025
Below the phrases of the settlement, Bally’s Basis will buy the varsity’s s property for $8.5 million and instantly lease it again to the varsity for $1 per 12 months over the following 25 years.
The Preston Excessive Faculty group is looking it “saved by grace.”
The beloved Bronx, New York-based Catholic highschool is saved from closure and can stay open for years to return after reaching an $8.5 million take care of Bally’s Basis.
Below the phrases of the settlement, Bally’s Basis will buy the varsity’s property in Throggs Neck for $8.5 million and instantly lease it again to the varsity for $1 per 12 months over the following 25 years, a Bally’s spokesperson confirms with BLACK ENTERPRISE.
The deal is a big reversal by the Sisters of the Divine Compassion, who personal the property and beforehand rejected Bally’s provide in March, the Bronx Instances stories.
Outcry To Preserve Preston Excessive Faculty Open
The sisters had beforehand insisted the varsity would shut on the finish of the educational 12 months in June on account of mounting monetary pressures and declining enrollment, whatever the monetary assist.
Nonetheless, there was an outcry from college students, mother and father, native officers, and even alums of the all-girls Catholic faculty, which has been round since 1947. The deal was made attainable following a public listening to on April 8 led by New York State Legal professional Common Letitia James.
“Preston has been a cornerstone within the Bronx for almost 75 years, opening doorways for generations of younger ladies,” stated Soo Kim, chairman of Bally’s Company, on behalf of the Bally’s Basis.
“This settlement is about greater than preserving a college—it’s about affirming the very important position that training, alternative, and group play in shaping lives.”
This settlement ensures that Preston Excessive Faculty will proceed working at its present web site—avoiding closure, disruption, or relocation—and reaffirms the varsity’s longstanding mission to empower younger ladies by means of educational excellence, religion, and repair.
The Basis can even contribute extra funds towards important facility upgrades.
“I commend the Bally’s Basis for his or her dedication to Preston Excessive Faculty and to the broader mission of increasing instructional alternative for younger ladies within the Bronx,” stated NYC Council Majority Chief Amanda Farías, who additionally graduated from the varsity in 2007. “Their resolution to make sure long-term stability for Preston by means of this landmark settlement displays a deep understanding of the very important position the varsity performs in our group.”
Different notable alums embody Jennifer Lopez, who graduated in 1987.
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