A last-ditch effort to sell the William Boyd Printing Co. failed to attract a sufficient bid at auction.
The 1.3-acre Sheridan Avenue property, which a host of investors have eyed for various residential and commercial projects, drew a high bid of $1 million at an auction Friday at the Desmond Hotel and Conference Center in Colonie. That offer fell $300,000 short of the minimum amount set for the property, said Anthony Sabatino, a RealtyUSA commercial real estate agent handling the sale of the property.
The unsuccessful auction adds to William’s Boyd’s problems in selling the plant. Since filing for Chapter 11 reorganization in September 2005, a U.S. Bankruptcy Court judge has approved three potential buyers for the property. A fourth buyer backed out of a sale agreement before the Chapter 11 filing.
Sale prices for the plant have ranged from $1.7 million to $2 million. The company had viewed the auction held by the Delanson-based Collar City Auctions Realty and Management as the “best hope of achieving the highest price for the property.”
Sabatino said another potential buyer for the plant has emerged. Collar City President Rand Passonno did not immediately return a call Monday.
“We’re waiting now on an offer,” Sabatino said.