The Preston High School community is calling it “saved by grace.”
The beloved Bronx, New York-based Catholic high school is saved from closure and will remain open for years to come after reaching an $8.5 million deal with Bally’s Foundation.
Under the terms of the agreement, Bally’s Foundation will purchase the school’s property in Throggs Neck for $8.5 million and immediately lease it back to the school for $1 per year over the next 25 years, a Bally’s spokesperson confirms with BLACK ENTERPRISE.
The deal is a significant reversal by the Sisters of the Divine Compassion, who own the property and previously rejected Bally’s offer in March, the Bronx Times reports.
Outcry To Keep Preston High School Open
The sisters had previously insisted the school would close at the end of the academic year in June due to mounting financial pressures and declining enrollment, regardless of the financial support.
However, there was an outcry from students, parents, local officials, and even alums of the all-girls Catholic school, which has been around since 1947. The deal was made possible following a public hearing on April 8 led by New York State Attorney General Letitia James.
“Preston has been a cornerstone in the Bronx for nearly 75 years, opening doors for generations of young women,” said Soo Kim, chairman of Bally’s Corporation, on behalf of the Bally’s Foundation.
“This agreement is about more than preserving a school—it’s about affirming the vital role that education, opportunity, and community play in shaping lives.”
This agreement ensures that Preston High School will continue operating at its existing site—avoiding closure, disruption, or relocation—and reaffirms the school’s longstanding mission to empower young women through academic excellence, faith, and service.
The Foundation will also contribute additional funds toward essential facility upgrades.
“I commend the Bally’s Foundation for their commitment to Preston High School and to the broader mission of expanding educational opportunity for young women in the Bronx,” said NYC Council Majority Leader Amanda Farías, who also graduated from the school in 2007. “Their decision to ensure long-term stability for Preston through this landmark agreement reflects a deep understanding of the vital role the school plays in our community.”
Other notable alums include Jennifer Lopez, who graduated in 1987.
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