Bally's Foundation Purchases Bronx High School for $8.5 Million, Securing Future

Preston High School, an all-girls Catholic institution in the Bronx, has been saved from imminent closure after the Bally's Foundation purchased its property for $8.5 million and agreed to lease it back to the school for $1 per year over the next 25 years. The deal was brokered with the help of New York Attorney General Letitia James following significant community advocacy and public pressure, reversing an earlier decision by the Sisters of Divine Compassion to shut the school due to declining enrollment and financial hardship. The agreement includes options for lease renewal and potential school ownership, and Bally’s will also contribute up to $1.6 million for infrastructure repairs and fees. The Sisters will establish independent school governance, and Preston will retain the right of first refusal if Bally’s decides to sell the property in the future. This outcome has been celebrated by students, alumni, and local leaders as a vital victory for educational opportunities in the Bronx. The Bally's Foundation, affiliated with the company managing the nearby Ferry Point golf course, is also pursuing other development interests in the area.