A break from politics. We found this story interesting if not particularly sexy. Our LDC contact is out of town for a few days so we are unable to fill in the details we feel are missing.
The Marshall Ray building has been sold, according to the Times Union, to Poughkeepsie based PAZ Healthcare for $367,500. The sale went down on New Years Eve. The planned assisted living facility has no construction timeline. The seller was Harmony Tech LLC, a company owned by Uri Kaufman, the developer responsible for Harmony Mills in Cohoes.
The building's recent sale/transfer history is interesting.
The Troy Local Development Company sold the property to Harmony Tech in 2011 for $10,000. Harmony Tech planned to invest $10,000,000 to create student housing. The deed allegedly contains a reverter clause where the property reverts to the LDC if Harmony Tech does not make a good faith effort to proceed with the project.
At some point Kaufman decided, after $400,000 in structural renovations, that the project wasn't feasible.
According to the Times Union, (February 2015)"TLDC officials thought the property was theirs when they received a Jan. 8 email from Kaufman saying, "We're anxious to move forward with the donation. What's the next step? Do we have the paperwork?"
Then the Troy LDC discovered the building, which has been marketed for $700,000, had been transferred three days earlier on Jan. 5 to American Friends of Yeshiva Zichorn Dovid when a deed was filed at the Rensselaer County Clerk's Office."
Legal action was threatened.
The January 6, 2016 Times Union story states that the property was sold by Harmony Tech. Further down it indicates that the American Friends of Yeshiva wanted to sell the property quickly?
It seems to us that dumping $400,000 into a $10,000 investment goes a long way to establishing good faith on the part of Kaufman and Harmony Tech. Our question is, if the charity, American Friends of Yeshiva owned the property and wanted to sell quickly, why is Harmony Tech selling the building? Did we miss something or is the article incomplete?
This is good news for North Central. We hope PAZ hires good security. We wish there was a timeline for construction. The lack of a schedule makes us nervous.