After failing to close the sale of its downtown headquarters four times, the William Boyd Printing Co. is throwing in the towel and putting its property on the auction block.
Less than two months after a downstate investor balked at a deal for the printer’s Sheridan Avenue plant, Boyd Printing said in a motion filed earlier this week that Collar City Auctions Realty & Management will put it up for bids on Feb. 29 at the Desmond Hotel and Conference Center in Colonie.
Since Boyd Printing filed for Chapter 11 reorganization in September 2005, a U.S. Bankruptcy Court judge has approved three purchase agreements for the property, which has been eyed for upscale apartment complexes and a hotel. Another potential buyer backed out of a sale before the bankruptcy filing.
“This auction appears to offer the best hope of achieving the highest price for the property and it is supported by all parties in interest,” attorneys representing Boyd Printing said in the motion.
Court-sanctioned sale prices for the 1.3-acre property have ranged from $1.7 million to $2 million. Collar City in Delanson will market the plant nationally and receive a 10 percent buyer’s premium paid directly by the winning bidder. Boyd Printing must consult with its creditors before accepting the highest bid.