Investors close deal to buy historic Gloversville building

PHOTOGRAPHER: Bethany Bump

A group of investors who have considered purchasing the historic Schine Building for more than a year finalized a sale Thursday with the building’s owner, moving forward a project that city officials and residents hope will revitalize downtown.

Schine-Memorial Hall LLC bought the 1881 building on North Main Street from the Gloversville Economic Development Corp., which acquired it in March for $27,000. The GEDC bought the building after damage from burst pipes brought the purchase price down from $52,800.

The GEDC board met Tuesday and took a vote later that night on whether to move forward with the sale, said Dayton King, a board member and the city’s mayor.

City officials have eyed needed repairs on the ornate but decaying three-story building originally known as Memorial Hall since placing the winning bid on it at a November 2010 auction. The investors and GEDC have exchanged offers and counteroffers since August.

Schine-Memorial Hall LLC was looking to sell 100 shares at $5,000 per share to potential investors in order to fund extensive first- and second-floor repairs, as well repairs to the facade on the 30,000-square-foot building.

Investors with Schine-Memorial Hall could not be reached Friday, including City Court Judge Vincent DeSantis, who is a leader in the group.