Concordia College New York announced that it will close its doors after 140 years.

The school also announced on Thursday it has agreed to sell the Bronxville campus to Iona College in New Rochelle.

The merger will not happen until the fall semester of 2021.

Iona College President Dr. Seamus Carey says the hope is to help most, if not all, of Concordia's 1,700 students continue their education at Iona.

Carey says the two schools have a lot of the same programs. Carey says if they don't offer the program, Iona will look into the possibility of keeping Concordia faculty on for those courses or they will work with students to get them to other institutions that have the classes and majors they need.

The plan is for Concordia students to pay the same tuition rates, and as long as they're in good standing, anyone with student loans should not expect any changes to what they owe.

Carey says the conversations with Concordia have been going on for months.

Concordia College declined News 12's request for an interview. In a statement, the president said the decision to close "brings deep pain" but that making it now gives students as much time as possible to figure out the next steps to continue their education.

Virtual town halls are being scheduled for students, faculty or anyone with questions at either Iona or Concordia colleges.