A Clifton Park developer is the latest potential buyer to line up for the William Boyd Printing Co.’s downtown factory, which failed to sell at a real estate auction last month.
Cass Hill Advisors is offering $1.3 million for the 1.3-acre property William Boyd has repeatedly failed to sell since filing for Chapter 11 reorganization in September 2005. Earlier this year, William Boyd moved to auction off the Sheridan Avenue plant after three buyers backed out of deals sanctioned by a bankruptcy court judge in Albany.
Those deals ranged from $1.7 million to $2 million, and a fourth buyer canceled a sale agreement prior to the bankruptcy filing. Various developers have eyed the property for a hotel, upscale apartments and condominiums.
The Feb. 29 auction in Colonie fetched a $1 million bid, which fell $300,000 short of the minimum sale price set by the case’s unsecured creditors. The unsuccessful auction hosted by Collar City Auctions Realty Management prompted William Boyd to direct its commercial real estate agent, Anthony Sabatino, to re-establish ties with people who had expressed interest in the building.
It is not clear how Cass Hill would redevelop the factory. Sabatino and Cass Hill Chairman and Chief Executive Officer Marc Paquin did not immediately return calls Monday asking for comment.
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