June 20, 2007 Albany -- Dozens of investors took part in the auction of properties from around Albany. In total, more than $2 million in transactions took place. So what will this mean for Downtown? Perhaps with new ownership, a new direction.
Seventy people filled the auction room at the Hilton Garden Inn Hotel with only one thing on their minds: Get a good deal on a good piece of property.
"I sought out the properties today to see what we can do work with the community downtown and bring it back up," said Property Manager Frances Krack.
Krack manages property for a New York investor. At the auction she placed a $1.8 Million bid on three properties: The American Cancer Society building, a parking lot across the street, and the old Courthouse. "We're going to turn it back into a business office, to bring in the professional offices to downtown Albany, attorneys, physicians," Krack said.
She says it's her goal to bring people back downtown. "I have the passion to go in and try and bring the companies back in to the downtown area to do their business."
Lane Rosen, property manager for Barbara Beauchamp, who auctioned the properties, says they are pleased with the response. "They're some proud new owners for sure and some folks look sad they didn't go a few extra dollars," said Rosen.
But the ones who purchased will put a new spin on Albany. "We're extremely pleased with Albany and the prices are coming in good, and we're going to have a new face of Albany soon enough," said Rosen.
Not all of the properties sold to the highest bidder. The Beauchamps reserved the right to reject offers they wanted more for.