Preston High School, an all-girls Catholic school in the Bronx, secured its future when Bally's Foundation purchased its property for $8.5 million, leasing it back for just $1 per year. Attorney General Letitia James facilitated the transaction to prevent the school from closing amid financial struggles faced by many religious institutions. The Sisters of Divine Compassion, who owned the school, previously announced its closure due to enrollment and repair issues, prompting backlash from the community, alumni, and officials. Ballyâs Chairperson Soo Kim emphasized the school's importance and the foundation's community-focused mission in making this decision.
We stepped in and intervened through our foundation, which has a mission to help our communities that surround our facilities. Preston was an amazing school that was going to be closed for no good reason.
The Sisters cited reasons including declined enrollment and the need for repairs, setting off waves of criticism from community members, alumni and elected officials.
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